IRREVOCABLE TRUSTS IN FLORIDA

ASK ABOUT SPECIAL RATES FOR OUT OF STATE CLIENTS

WOULD YOU BENEFIT FROM A FLORIDA PROBATE ATTORNEY?

Are you looking for an a Florida Probate Attorney in Port St Lucie or Stuart? If so, Jon L. Martin, Attorney at Law can help you. To revoke means to withdraw, cancel, rescind, or reverse something. In the context of a trust, an irrevocable trust cannot be withdrawn, canceled or reversed, whereas a revocable trust can be changed. An irrevocable trust is a legal entity which does not allow for any type of amendments, alterations or revocations. Irrevocable trusts serve specific purposes and are used to achieve a variety of estate planning goals, including reducing or eliminating estate taxes by moving the grantor’s property into the trust.

There are various different kinds of irrevocable trusts; however, they all have two things in common: 1) people use them to reduce taxes, and 2) people use them to protect property. Some of the common irrevocable trusts include the following:

  • Charitable Trusts – These are used to reduce income and estate taxes through making gifts to charitable organizations.
  • Bypass Trusts – A bypass trust allows spouses to reduce estate taxes when the second spouse dies. With this trust, when the first spouse dies, the majority of their property goes into the trust and the surviving spouse can use that trust property, but he or she never owns it.
  • QTIP Trusts – These trusts allow couples to delay the payment of estate taxes until the second spouse passes away.
  • Special Needs Trusts – A special needs trusts provides financial support for a disabled child without disqualifying him or her for much needed government benefits.

CONTACT FLORIDA PROBATE ATTORNEY
ON THE TREASURE COAST

Both revocable and irrevocable trusts are often components in a good estate plan. If you are considering establishing a trust, it’s important to speak with a qualified Florida probate attorney such as Jon L. Martin, Attorney at Law. The most significant difference between the irrevocable and revocable trust is estate tax considerations; therefore, it will be necessary to carefully evaluate which trusts would serve your purposes and shield your assets the most.

With the offices in Port St Lucie and Palm City, Florida probate attorney on the Treasure Coast Jon L Martin has over 40 years of combined legal and business experience to offer you. Probate attorney Jon L Martin can provide you with the guidance you need to choose the estate planning tools that will be of the greatest benefit to you. Call Florida Probate Attorney on the Treasure Coast today at (772)419-0057 to schedule a free consultation.