In Florida, irrevocable trusts can help you achieve a variety of more specific estate planning goals. Although the permanent nature of these trusts may seem daunting and comes with certain disadvantages, such as giving up ownership and control of assets, the irrevocability comes with certain benefits. For example, using irrevocable trusts may allow for tax advantages or help qualify an individual for Medicaid.
There are several types of Florida irrevocable trusts–all of which are useful in different circumstances. For example, some of the most commonly used irrevocable trusts include:
- Spousal Lifetime Access Trusts
- Charitable Trusts
- Qualified Personal Residence Trust
- Irrevocable Life Insurance Trusts
- Qualified Income Trusts
- Special Needs Trusts
The use of trusts in estate planning is highly specific to each individual’s or family’s wants and needs. Thus, meeting with an estate planning lawyer in Florida is imperative to inform you of all your options and determine what will work best for you. The attorneys at Woodward, Pires & Lombardo, P.A. are available to assist you with all of your estate planning needs. Contact us today to get started and secure your assets for the future.
Related Areas of Service
Talk to Our Florida Estate Planning Lawyers
Learn more about how our Naples estate planning attorneys and Marco Island estate planning attorneys can help you through the Florida legal process and crafting your Florida estate plan. Arrange a consultation by calling Woodward, Pires & Lombardo, P.A. at 239-394-5161 or send us an e-mail today.
Related post: Revocable Living vs. Irrevocable Trusts: Differences that Matter