The great thing about executing an estate plan in Florida is that it can be custom-tailored to fit your needs. If you want to evenly distribute your estate amongst your loved ones, then you can utilize a will to do so. You can also use this document if you want to disinherit someone. If you want to place conditions on the distribution of your estate, then you can utilize a number of trusts to meet your needs. To create a successful estate plan, though, you need to make sure that you fully understand your options and how each one may be beneficial to you.
One trust option is the irrevocable trust. As its name implies, this trust cannot be reneged once created. All assets placed in the trust remain in the trust for the benefit of a named beneficiary until such time as the property is released from the trust to the beneficiary. Once property is placed in the trust it cannot be removed, which may give some individuals pause. However, there are significant advantages to utilizing this trust type.
To start, an irrevocable trust has tax advantages. Assets that are placed into the trust are removed from the taxable estate. This can save money in the long run, thereby ensuring that loved ones can enjoy more of the estate. Also, an individual can place restrictions on an irrevocable trust. This means that he or she can minimize or eliminate the chances that a named beneficiary will misuse the trust's assets. This can ensure estate longevity and financial viability. An irrevocable trust can also reduce a living individual's income that counts for government program qualification purposes. Therefore, some people will utilize an irrevocable trust to ensure they still qualify for Medicaid.
There are many estate planning options, including a wide variety of trust types. Those who want to learn more about how they can bring their estate planning vision into reality can discuss the matter with an attorney.