Florida Asset Preservation Irrevocable Trust (FAPIT™) Attorney
Understanding Irrevocable Trusts 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.
Read more about trust defense here & call (850) 999-0006 to speak with our Fort Walton Beach Lawyer to discuss irrevocable trusts today.
Introducing FAPIT™: Innovative 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:
- Medicaid
- Bankruptcy
- Lawsuits
- Divorces
- 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.
Key Benefits of FAPIT™: Flexibility and Asset Protection
- 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.
Testimonials
Why People Choose to Work With Us
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.
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"Very personal and professional and made sure I was taken care of and that justice was served in my case."Angela and attorney Chris Garret were very personal and professional and made sure I was taken care of and that justice was served in my case. They represented me in Okaloosa and Escambia and had no problem dropping everything to be there whenever I needed them in my case! Thanks again!!!- Philip
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"Definitely would recommend!!"Mr. Garrett and his team took very good care of my situation and were excellent at communicating with me.- Shelby
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"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."Vanover handled my case very professionally. The quote he gave me of what the cost would be to take care of my case never changed. 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. If someone is looking the best Lawyer in Crestview area then Keith is it.- Former Client
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"Took very good care of my situation and were excellent at communicating with me."Mr. Garrett and his team took very good care of my situation and were excellent at communicating with me. Definitely would recommend!!- Shelby
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"Highly recommended!"Great DUI law firm. I had a DUI over Christmas. They got me a drivers license within 48 hours and I'm still driving on that license! I never had to go to court. Highly recommended!- Karson
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"I always felt my best interest was their focus and they worked hard to conclude my case in a favorable manner."Very professional attorney and great care was taken with my case. I always felt my best interest was their focus and they worked hard to conclude my case in a favorable manner. I highly recommend them.- Kate
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"The absolute best decision I made!"
Mr. Garrett said," I plan to help you. " There was nothing wrong on the state's end, and he STILL had my charges dropped to a lower sentence.
- Dean W. -
"No greater than love than that you lay down you life for another."This law firm has been AMAZING! They truly care about their clients. My daughter was/is a client and they have called to check on her well-being, fought to get her penalties reduced, and even helped with assisting with indigent status for her.- Angie
Our Values
What Our Work Means To Us
Vanover Law Firm P.A. is here to help you get the results you need with a team you can trust.
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Over 30 Years of Combined Legal Experience
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Client Centered. Results Driven.
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Air Force Veteran Owned Business
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Free Consultations Available
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Local Attorneys
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Successfully Handled Over 3,000 DUIs
