Florida Asset Preservation Irrevocable TrustPut Experience On Your Side
Florida Asset Preservation Irrevocable Trust (FAPIT™) Attorney
What is an Irrevocable Trust in Florida?
Traditionally an irrevocable trust is a legally binding document that is agreed upon by a settler, trustee, & beneficiary. While a revocable trust may allow the "grantor" to alter the conditions of the trust, an irrevocable trust, once signed, cannot be revoked or amended by any party.
Medicaid/Asset Preservation Trusts are one of the fastest growing legal areas in Florida. In the last 5 years there have been several positive changes that have allowed a lot more flexibility in these Trusts. If you want to protect your family assets from Long-Term Care costs and future liabilities, then The FAPIT™ is something you should seriously consider looking at.
With the older Irrevocable Trust, there were the following problems:
- The Trustee had to create a new IRS number and file returns separately.
- The creator would lose control over the management of the assets and the income.
- Older Irrevocable Trusts had higher tax consequences.
- Once created, you could make NO future beneficiary changes.
What is FAPIT™: New Irrevocable Trust Solutions?
The Florida Asset Preservation Irrevocable Trust is an irrevocable trust with way better options than what was offered in the past. All of the problems mentioned above are now solved.
With The FAPIT™, you can protect your assets from:
- Your children’s creditors
FAPIT™ is an Irrevocable Pure Grantor Trust and is exclusively trademarked. In fact, Keith P. Vanover is the only attorney in Northwest Florida who can deliver the FAPIT™ difference. The FAPIT™ offers the strong Asset Preservation of the old irrevocable trust and offers most of the flexibility of a revocable trust.
Here are some of the FAPIT™ flexibility and asset preservation rules:
- You can change the Trustee at ANY time for ANY reason with NO court permission.
- You can change the Beneficiaries at ANY time for ANY reason with NO court permission.
- Medicaid Benefits Eligibility after 5 years. All FAPIT™ assets are protected from spend down rules.
- Immediately protect assets from you, your spouse and your children’s future liabilities. Examples of future liabilities include: divorces, bankruptcies, car accidents, and substance abuse.
- You can direct the Trustee to distribute income and principle to anyone except yourself. You may reserve ALL of the income for yourself or spouse. Your beneficiaries will also receive a full step up in tax basis upon your death. In most cases, this allows the beneficiaries to avoid capital gains.
- The FAPIT™ does NOT require a new IRS number or the filing of a separate Trust tax return. You can transfer assets into the FAPIT™ and it will NOT create a taxable event because the FAPIT™ is using your SSN.
The Medicaid 5-year asset transfer look back clock starts once the FAPIT™ is signed and the assets are transferred. We would like to sit down with you and go over these new options so that you can protect your legacy.
Who Needs FAPIT™?
Anyone over the age of 50 with any assets should consider a FAPIT™. This Trust will make sure that you don’t lose all your assets to long term care. This Florida trademarked and tried legal estate planning Trust will be customized to your situation and can provide you with peace of mind knowing that your hard-earned assets won’t disappear because of an unforeseen accident or health issue.
Attend an Educational Seminar
Vanover Law Firm P.A has occasional educational seminars. If you are interested in attending, please send us an email requesting a list of upcoming dates.
Talk to Our Fort Walton Beach Trust Legal Counsel
FAPIT™ can be purchased with the entire Florida Estate Planning Package. It can also be coordinated with your Florida Last Will, Financial Power of Attorney, HealthCare Surrogate, and Living Will. Your Last Will and Testament will need a Florida Pour Over section so that the FAPIT™ can catch all forgotten assets if needed. Your Estate Plan should be coordinated so that ALL the documents work in Florida.
At Vanover Law Firm P.A, we are committed to helping clients with all of their estate planning needs. We can review your situation and determine how to ensure your assets and interests are fully protected.
Call (850) 999-0006 to schedule your free consultation today.
At Vanover Law firm, we strive to provide the best representation to our clients. Please take a moment to read what our past clients had to say about their experience with Vanover Law Firm.
“Everything was done professionally, and I have the most respect for his help in my case. I would highly recommend Keith Vanover, and I use him again without hesitation.”- Former Client
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