What Can a Naples, FL Trust Attorney Do for Me?

Many individuals decide to include trust in their Naples estate plan. They offer many benefits, including avoiding probate and privacy. If you are interested in adding a trust to your estate plan, you should reach out to an experienced Naples trust attorney.

What Does a Naples Trust Attorney Do?

In almost every case, it makes sense to work with a lawyer to create your trust. The first thing that a trust attorney will do is help you understand the different types of trusts. There are various types of trusts that all serve different purposes. Your lawyer will advise you on the options best suited to meet your needs.

Your attorney will set up the trust on your behalf. They will ensure that the trust meets all the necessary legal requirements under Florida law. Furthermore, your lawyer can provide helpful legal help to the trustee, the person who is in charge of managing the trust.

What are Common Types of Trusts Nici Law Firm Can Help You Establish?

The type of trust that you should include in your estate plan depends on your unique goals and needs. Below is a list of some of the most common trusts James R. Nici drafts for his clients.

• Revocable Living Trusts

When you create a revocable living trust, you transfer the title of your property to the trust during your lifetime. When a property is transferred to the trust, it is removed from your probate estate. Therefore, it avoids probate and can lower federal estate tax liability. You can change the terms of the trust or dissolve it at any time. You retain control over the property and the ability to benefit financially.

• Special Needs Trust

A special needs trust sometimes referred to as a supplemental needs trust helps support a child or grandchild with special needs without jeopardizing their eligibility for financial assistance from the government, such as Medicaid.

• Asset Protection Trust

An asset protection trust, sometimes called a spendthrift trust, protects your inheritance from creditors, lawsuits and judgments, divorce, bankruptcy, gambling debts, substance abuse, or mental illness. It is a type of irrevocable trust. Once you transfer property into the trust, you lose all ownership and control over the property. In general, you cannot change the terms of an asset protection trust or dissolve it.

• Charitable Remainder Unitrust

A charitable remainder trust allows you to leave a lasting legacy to your favorite charity while still ensuring a lifetime income for yourself, your spouse, or your child. You receive a partial income tax deduction when you make a transfer to a charitable remainder unitrust, and it reduces the size of your taxable estate.

• Charitable Lead Trust

When you establish a charitable lead trust (CLT), you donate a substantial gift to charity while ensuring income for a child or grandchild when they are ready to receive it. A CLT is an irrevocable trust that provides financial support to a charity for a term of years. After that time, the remaining assets pass to your family or other named beneficiaries.

• Qualified Personal Residence Trust

A qualified personal residence trust allows you to stay in your home for as long as you want and then pass it on to your kids without implicating the federal estate or gift tax. You remove your personal home from your estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary. However, you still retain an interest in the house and are allowed to keep living in the home for a period of time.

• Grantor Retained Annuity Trust

A grantor-retained annuity trust allows you to receive regular income for years while your investment grows and eventually goes to beneficiaries tax-free.

• Generation-Skipping Trust

A generation-skipping trust leaves gifts to your grandchildren or anyone at least 37 ½ years younger than you without letting the federal estate tax eat away at the estate.

• Irrevocable Life Insurance Trust

An irrevocable life insurance trust ensures that the full value of a life insurance policy goes to the beneficiary and is not lost to estate taxes or counted as part of your taxable estate.

Call A Naples Trust Lawyer

If you have questions about including a trust in your estate plan, you should contact an experienced Naples attorney. James R. Nici is an experienced Naples attorney with over 25 years of experience. Contact our office today at (239) 449-6150 or use our web form to set up a free consultation.