Transferring wealth & wisdom from generation to generation
Edward E. Wollman, JD, LL.M
Patrick Courville, J.D.
advantage of potential tax advantages. When are Trusts Most Beneficial?
• Estate Tax Benefits: For larger estates, your attorney can structure your trusts to minimize the impact of federal estate taxes. • Asset Protection for Beneficiaries: Trusts can offer some protection against creditors for your beneficiaries, an advantage a simple will does not provide. Not Just for the Wealthy Many clients we meet with have the understanding that trusts are only for the affluent, but there are many situations where a trust can be a practical tool regardless of net worth. Whether you own a modest home, have savings, run a business, or are building for your family’s future, a trust can offer you control, privacy, and peace of mind. What Can Go Inside a Trust? Trusts are inherently adaptable, based on the variety of assets they hold, such as:
While trusts can be utilized in many different situations, there are several circumstances where trusts are especially advantageous when: • Avoiding probate and maintaining privacy are priorities. • You own property in multiple states, simplifying estate administration. • You wish to provide for minors or beneficiaries with specific needs over time. • Managing complex assets, like businesses, efficiently is essential. • If you have a blended family and want to ensure fair distribution of assets. • When you want to provide for a beneficiary with special needs without affecting their government benefits. • For business owners who wish to ensure a smooth succession plan. The Help of a Naples Trust Attorney Whether you need a trust or a simple will depends on your estate’s complexity, your financial situation, and personal goals. At Wollman, Gehrke & Associates, our Naples trust attorneys employ a structured approach to Florida’s legal intricacies, ensuring your estate plan is both accurate to your wishes and beneficial for your beneficiaries. In summary, trusts and wills each have their place in estate planning, offering different benefits and protections. In Florida, state laws influence estate planning strategies, so working with a trusted advisor can be invaluable. Whether your estate is modest or extensive, the right planning can safeguard your legacy and ensure your wishes are respected.
• Real estate, both within and outside Florida • Bank accounts and investment portfolios • Personal property, from art to jewelry • Life insurance policies and business interests • Types of Trusts and Their Purposes
Each type of trust serves different estate planning objectives. When designing a trust, selecting the provisions that meet your unique estate planning goals is imperative. Here are some of the most common types that we draft in Florida. • Revocable Living Trusts: Revocable trusts allow you to modify the trust during your lifetime as circumstances change. This adaptability makes them a practical choice for individuals who want to keep their estate plans current with life’s evolving needs. Revocable trusts are known for their flexibility. • Irrevocable Trusts: Irrevocable trusts are “locked” and cannot be changed once established. While there is less flexibility, irrevocable trusts are designed to secure assets from creditors and reduce estate taxes. • Special Needs Trusts: Special needs trusts ensure that loved ones with disabilities can receive financial support without compromising their eligibility for government benefits. • Charitable Trusts: Charitable trusts offer a structured way to contribute to your favorite charities while taking
Visit www.probate-florida.com to read more about this subject and other estate planning matters.
Ed Wollman is a Florida Bar Board Certified Attorney specializing in wills, trusts, and estates with over 35 years of experience practicing in the state of Florida.
Where Today’s Plans Become Tomorrow’s Legacy 2235 VENETIAN CT #5, NAPLES, FL 34109 (239) 435.1533 — (239) 435.1433 FAX
Made with FlippingBook - Online catalogs