Use Trusts To Achieve Your Goals
Cynthia I. Waisman, P.A., helps clients throughout the Tampa Bay Metro organize and legalize their plans for their estates according to their goals. Often, estate plans utilize one or more legally binding trusts to achieve their plans in the smoothest and least-expensive ways possible.
Planning With Benefits In Mind
There are a variety of trust types, and each can bring significant advantages to your estate plan, depending on your circumstances. Some trusts get established by a living person and others get created because of a directive in a person’s will. To give you an idea of some benefits, here are examples of trusts commonly used in Florida.
Revocable And Irrevocable Trusts
This type of trust is set up during a person’s lifetime and can be changed any time before the individual’s death. In contrast, an irrevocable trust cannot change. When assets get transferred to the trust, the trust becomes the owner, so probate costs get avoided upon the trustee’s death.
Real estate placed in a trust passes directly to your designated heirs at the time of your death. This makes the transfer of inheritances easy, eliminates inheritance tax and grants privacy to the beneficiaries.
If you wish to make a favorite charity one of the beneficiaries of your estate, using a charitable trust is a great way to do so. Also, establishing this type of trust can provide financial benefits to both you and the designated charity during your life.
Give Us A Call
Proactively making plans for your estate is a great move to optimize your financial situation and those of your heirs. Cynthia I. Waisman, P.A., will work hard to create a custom plan that addresses your unique needs. Give us a call at 727-219-9009 or contact us online.