Fort Walton Beach Trust Attorneys
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One of the most important aspects of the estate planning process is creating a trust to protect your interests and your beneficiaries. At Vanover Law Firm, our lawyers are experienced in explaining and executing various types of trusts for our clients. But which trust is best for you?
Contact our lawyers today at (850) 999-0006 to learn how Vanover Law Firm can assist you in implementing the trust you need.
Which Trust Is Best for You?
When assets are placed in an irrevocable trust, your ownership is relinquished because they are no longer part of your estate. This option is often chosen because assets placed into an irrevocable trust cannot be taxed. However, a trust cannot be altered once it has been made irrevocable, so this trust option is only recommended in rare circumstances.
With a revocable trust, your assets are transferred into the trust, but you remain the controlling trustee. The revocable trust can be altered or revoked at any time, and upon your death will be transferred to your beneficiary. However, a revocable trust is subject to estate taxes.
A living trust protects your assets while you are alive and transfers them to the designated inheritors upon your death. While a will may take six to nine months at best to pass through the probate process, a living trust bypasses probate court and your assets can be distributed amongst your beneficiaries within weeks. A living will also allows your designated trustee to manage your financial, medical and legal matters if you become incapacitated. A living trust is a complex legal document, and you will need the assistance of an attorney to complete the complicated steps. You have the option of choosing an irrevocable or revocable living trust depending on your personal circumstances.
It’s recommended that you retain the services of a lawyer who is familiar with Medicaid law before attempting to establish a trust. Medicaid trusts are an excellent option when you’re ready for retirement and can qualify for long-term care. A Medicaid trust holds assets in a trust so they are not counted against you when applying for Medicaid. This trust is irrevocable aside from the option of altering your beneficiaries. It allows you to receive your monthly Medicaid allowance determined by the state without spending your life’s savings.
Schedule a Free Consultation
Deciding which trust will best benefit you is a difficult decision, and retaining the services of a lawyer experienced in estate laws will benefit you when planning your trust. At Vanover Law Firm, our attorneys are knowledgeable in the various types of trusts available and can help you review your options during a consultation.
Contact the Vanover Law Firm today at (850) 999-0006 to learn which trust is best for you!