|
|
Trusts
Kissimmee
Trusts Attorney
- Lawyer, providing
professional Trust Development, Administration
and other Probate
legal services in
Kissimmee, St Cloud, Orlando,
Osceola & Orange Counties and the Central
Florida area.
 A
'Trust" is
broadly defined as setting up a form of transferring
property or assets while a person is still living that
may
remain in effect in the event of his or her passing. A Trust
may be an important tool in estate planning which may
keep part, or all of a person's estate out of probate in the event of
his or her
passing.
A Trust may be in
affect while a person is living, or commence at the time of
his or death.
A Trust is often the best
method to provide for the needs of a beneficiary who
will need continued supervision due to age, disability,
other special needs, or lack of financial
sophistication.
When a Trust is set up, a
Trustee must bee appointed to Administor the Trust. If
person setting up the Trust chooses, he or she may be the Administor of the Trust.
However, if this is the case, it is always wise to specify an
alternative Trustee to ensure the Trust is protected in
the event of death.
The
Law Office of
Ernest J. Mullins, P.A.,
represents the legal rights and goals of those
involved in
Trust
Development, Administration,
or
probate issues in Kissimmee,
Orlando, Osceola County, Orange
County, and the entire
Central
Florida area. For a confidential legal
consultation, please call
(407) 846-1111.
Just as with an
estate administrator, a Trustee is legally responsible
in ensuring they act only in the best interest of the
beneficiary of a trust.
There are two kinds of
inter vivos trusts: revocable and
irrevocable.
-
Revocable Trust:
often
referred to as "living" trusts, the donor maintains
complete control over the trust and may amend,
revoke or terminate the trust at any time.
-
Irrevocable Trust:
cannot be
changed or amended by the donor. Any property placed
into the trust may only be distributed by the
trustee as provided for in the trust document
itself. Irrevocable trusts are most often used by
high net worth clients in a effort to reduce their
taxable estate while still maintaining some control
over the assets.
Testamentary Trust:
is created by a will, and it does not
come into existence until a person's passing. A
Testamentary Trust
has no power or effect until the will of the donor is
probated. A Testamentary Trust will not avoid the need
for probate and will become a public document, as it is
a part of the Last Will and Testament.
Supplemental Needs
Trust:
is used to
enable the donor to provide for the continuing care of a
disabled spouse, child, relative or friend. The
beneficiary of a specially-drafted supplemental needs
trust will have access to the trust assets for purposes
other than those provided by public benefits programs.
In this way, the beneficiary will not lose eligibility
for benefits such as Supplemental Security Income,
Medicaid and low-income housing. A supplemental needs
trust can be created by the donor during life or be part
of a Last Will and Testament.
Credit Shelter Trust:
is a way to
take advantage of the estate tax exemptions. The amount
that may be sheltered has changed considerably over the
past decade and is expected to continue changing into
the future. For this reason, a person already has a
trust it is wise to review the provisions with an
attorney at least once every several years.
Even though a
Trust is typically not subject to the probate process,
there are still occasions when a trust may und up being
disputed in litigation.
When dealing
with
Trust
Development or Administration
issues
in
Kissimmee,
Orlando, Osceola County, Orange County, or the
surrounding
Central
Florida area, hiring an experienced
Trusts attorney or lawyer may provide the best
opportunity to achieve your legal needs and goals.
Anyone requiring professional legal services regarding
Trusts
or
probate issues should be proactive in
ensuring their legal
needs and goals are met by seeking the legal advice of
an experienced
Trust
Development and Administration
attorney, lawyer, or law firm.
For a confidential legal consultation contact
The
Law Office of
Ernest J. Mullins, P.A.,
at
(407) 846-1111.
Kissimmee
Trusts Attorney
- Lawyer, providing
professional Trust Development, Administration
and other Probate
legal services in
Kissimmee, St Cloud, Orlando,
Osceola & Orange Counties and the Central
Florida area.
|
