Florida Asset Protection Irrevocable Trust (FAPIT) Attorney
Serving Clients in Fort Walton Beach & Surrounding Areas
Medicaid/Asset Protection 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 (IPUG™) is something you should seriously consider looking at.
With The FAPIT (IPUG™), you can protect your assets from:
- Your children’s creditors
Once folks understand the protection their family and their assets can achieve, then The FAPIT (IPUG™) becomes the clear choice.
Old Irrevocable Trust Problems
This new Florida Trust was never available with this kind of flexibility and this much protection before. This is not the OLD Irrevocable Trust.
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.
FAPIT: New Irrevocable Trust Solutions
The Florida Asset Protection 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.
FAPIT is an Irrevocable Pure Grantor Trust (IPUG™) and is exclusively trademarked. In fact, Keith P. Vanover is the only attorney in Northwest Florida who can deliver the IPUG™ difference. The FAPIT (IPUG™) offers the strong Asset Protection of the old irrevocable trust and offers most of the flexibility of a revocable trust.
Irrevocable Trust Florida Law
Here are some of the FAPIT (IPUG™) flexibility and asset protection 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 and VA Long Term Care 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/VA 5-year asset transfer lookback clock starts once the FAPIT (IPUG™) 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.
Call (850) 999-0006 to speak with our Fort Walton Beach Lawyer today.
Who Needs FAPIT?
Anyone over the age of 50 with any assets should consider a FAPIT (IPUG™.) 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.
Talk to Our Fort Walton Beach Team
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.
Attend a Seminar
Attorney Keith Vanover will be an Educational Speaker at a seminar sponsored by Cornerstone Financial. The seminar dates are as followed at the Two Trees Restaurant in Fort Walton Beach, FL:
- October 16, 2019
Please call the seminar number, 850-862-8082, if you have any additional questions. Or, signup for the next seminar by clicking here. Keith Vanover is not a representative of Cornerstone Financial and conducts these seminars for educational purposes.
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.
28 Years of Combined Legal Experience
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