A Miami Trust Attorney Providing The Guidance You Need

Delaying your estate planning process can result in unnecessary family disharmony and unnecessary expense. Dying without a trust most often results in additional costs, and the law will decide who will receive your assets. You should be deciding who will receive your assets and when.

For example, leaving assets to a minor without establishing either a testamentary or revocable trust will result in the need for guardianship and unnecessary legal fees. I will meet with you and discuss these issues so that you have a clear understanding of your objectives and the means of achieving them.

Protect Your Family And Your Legacy

One of the best ways to protect your family while you are alive, or in the event of your passing, is to ensure that you have the proper documentation through estate planning. For example, if you establish a living trust and appoint a trustee to administer your affairs while you are alive but incapacitated, your designated trusted person will have the means to not only use your assets for your benefit but also to provide for your spouse and children; and upon death who will receive what remains.

In Florida, there are various trust options available, including:

• Revocable trust (Living Trust): Also known as a living trust, a revocable trust is flexible and can be changed or revoked during your lifetime. It allows for the management of assets while the trustor is alive and can help avoid probate at death.
• Irrevocable trust: Once established, this trust cannot be modified or terminated without the permission of the beneficiaries. It offers benefits like asset protection and tax advantages.
• Testamentary trust: Created as part of a will, this trust comes into effect after the death of the trustor. It allows for the detailed distribution of assets and can be used to manage inheritance for minors or dependents.
• Charitable trust: Established to benefit a charitable organization or cause. This trust can offer tax benefits to the trustor while supporting philanthropic goals.
• Special needs trust: Designed to provide for the needs of a beneficiary who has disabilities without disqualifying them from government assistance like Medicaid or Supplemental Security Income.

In the event of an illness or accident that leaves you incapacitated, and without having a trust, a guardianship is necessary. Decisions as to expenditures for your care and the care of your family are subject to the court’s approval, which may not be as generous or as restrictive as you would like. In addition, there are legal fees for administering a guardianship and frequently, family members dispute who should be the guardian and the expenditures resulting in a dissipation of assets.

I Am With You Every Step Of The Way

Estate planning encompasses not only tax considerations but family relations and the impact upon a beneficiary, such as will the beneficiary lose incentive to personally develop by having received a substantial request. When you work with me, I will take the time to get to know you and understand your goals. To schedule a consultation in Miami, call Nelson C. Keshen, P.A., today at 305-517-3577 or fill out my online contact form.