Trusts And Trust Administration
The most powerful tools in estate planning are trusts. Trusts are basically instructions you write showing exactly how you want your life assets to be transferred. There are many kinds of trusts, achieving many different objectives, from tax optimization to asset protection.
Unlike a will, a trust is a private document and need not be filed with the probate court. They are used not just to sidestep the probate process, but to optimize the tax burden and to transfer assets in the precise way you intend.
Special Needs Trusts · Revocable Living Trusts · Charitable Trusts
Trusts are legal tools that offer significant benefits for you and the people you love. The right trust can protect your assets, care for a loved one with special needs, help your family avoid the stress of probate or even support a cause that matters to you.
Every family’s situation is different, so the type of trust that works best for you will depend on your goals and your loved ones’ needs. Here are three types of trusts that can make a real difference in your estate plan.
Special Needs Trusts
Government programs like Medicaid and Supplemental Security Income (SSI) have strict financial limits. If a person with a disability receives a direct inheritance or gift, they could lose access to those benefits. A special needs trust works around that by holding assets separately, so they do not count against those limits.
This trust can cover expenses like education, transportation and personal care without affecting their eligibility for benefits. The person funding the trust also has control over how the money gets used, so you can feel confident your support goes exactly where it is needed.
Revocable Living Trusts
A revocable living trust allows you to manage your assets during your lifetime and pass them on to your loved ones after you are gone. You create the trust, transfer your assets into it and name yourself as the trustee – meaning you stay in full control. You can also update or cancel the trust at any time, which is what makes it “revocable.”
Because the trust already owns your assets, your estate skips the probate process entirely when you pass away. Unlike a will, which becomes public record after death, a trust keeps your financial matters private.
Charitable Trusts
People create these trusts to fund a wide range of causes, from helping people in financial or physical need to supporting the arts and education. Beyond doing good, these trusts can also offer real financial advantages, such as reductions in estate taxes, gift taxes, income taxes and capital gains taxes.
Charitable trusts also give the organizations you support a reliable source of funding, helping them plan ahead, cover expenses and continue serving the people who depend on them. If leaving a lasting legacy matters to you, a charitable trust is a powerful way to make it happen.
Trusts are not a substitute for a will, and a will is not the same as a trust. But trusts give individuals remarkable flexibility in planning for the future. Talk to the estate planning attorney at Lins Law Group, P.A., to discuss a trust that is just right for your situation.
For more information, read our Probate And Trust Administration FAQ page.
Trust Administration Lawyer
Trusts must be created, and then they need to be properly administered. Trust administrators, known as trustees, must handle trust accounting, sending notices to beneficiaries, managing estate appraisal and inventory, filing taxes and administering subtrusts, if any.
In the event that trust disputes should arise, Lins Law Group, P.A., is experienced in trust litigation.
Trust administration requires knowledge of the law and experience working in trust administration. Whether the trust was drafted by our office or another firm, we at Lins Law Group, P.A., are happy to assist trustees in administering the trust.
Need to issue instructions to the future? To understand your many trust options, call Tampa trust lawyer Michael Lins at Lins Law Group, P.A., at 813-280-0082, or write us using this online form.