Put Confidence In Trusts
With trusts, the legal designation of property and funds can combine with tax benefits and the avoidance of probate. That is why, in addition to a will, trusts are an estate planning mainstay.
Riddell Law Group, with offices in Sarasota, Venice and Lakewood Ranch, can listen to your estate planning needs and concerns to determine what types of trusts would apply to your situation. Property can be easily transferred to beneficiaries through a variety of trust types. Here are three of the most common trust types.
Often called a living trust, a revocable trust is a legal solution that is also flexible. This type of trust can be modified, altered or revoked while the establisher of the trust is still alive. It also helps to avoid probate because the assets involved are owned by the trust and not the deceased individual.
In contrast to the previous type of trust, an irrevocable trust cannot be changed or revoked after its establishment. If you are confident that future conditions will not impact your trust designations, this type of trust may apply to your estate.
A charitable trust provides needed funds to a charity of your choice and can lower the amount of estate and gift tax exposure, benefiting both a nonprofit as well as your financial goals. A sub-category of this type of trust is a charitable remainder trust. This type of trust gets funded during the donor’s lifetime and offers financial benefits while benefiting the charity after the donor’s death.