-
A trust is a legal arrangement that holds your assets during your lifetime and distributes them to your beneficiaries after your passing according to your specific instructions. Unlike a will a trust does not go through probate court. Your assets pass directly to your loved ones privately, efficiently, and without court involvement.
At its core a trust answers one simple question. If something happened to you today, who gets what, when, and how?
A trust gives you complete control over that answer.
-
If you have been researching estate planning you have probably encountered a confusing number of terms. Revocable living trust. Family trust. Inter vivos trust. Loving trust.
Here is the simple truth. These are all different names for essentially the same thing. A revocable living trust is a trust you create during your lifetime, that you control completely, that you can change or revoke at any time, and that distributes your assets to your beneficiaries after your passing without going through probate.
Different attorneys and different regions use different terminology. At Bavaro Legacy Law we cut through the confusion and focus on what actually matters — building a plan that works for your family.
-
While there are many types of trusts the majority of families in Lakewood Ranch and Sarasota need one of the following.
A revocable living trust is the most common. You maintain complete control during your lifetime, you can make changes at any time, and your assets pass to your beneficiaries at your death without probate.
A community property trust is available to married couples in Florida and can provide significant capital gains tax advantages at the death of the first spouse. This is one of the most powerful and most underutilized planning tools in Florida today.
An irrevocable trust permanently removes assets from your estate and can provide significant asset protection and tax planning benefits. Unlike a revocable trust it generally cannot be changed once it is created.
A special needs trust provides for a loved one with a disability without disqualifying them from government benefits they depend on.
The right type of trust depends entirely on your specific situation, your assets, and your goals. That is exactly what a free consultation with Vito Bavaro, Esq. is designed to help you figure out.
-
If you moved to Florida and brought a trust drafted in another state, do not assume it is working the way you think it is.
Florida has some of the most unique trust and estate laws in the country. A trust drafted in New York, New Jersey, Connecticut, or anywhere else was designed for that state's legal environment. When you move to Florida that trust does not automatically update itself.
Your out of state trust may not account for Florida's homestead laws and how they affect your primary residence. It may not take advantage of community property trust provisions that could save your family significant money in capital gains taxes. It may not meet Florida's specific requirements for holding real estate. And it may not be structured to work efficiently with Florida's probate process if something falls outside the trust.
The consequences of an outdated or improperly structured trust can be significant. Assets you thought were protected may not be. Your home may not be properly titled. Your family may face probate for assets you specifically tried to protect.
The good news is that reviewing and updating your trust for Florida is straightforward with the right attorney. At Bavaro Legacy Law we work with relocated families every day, reviewing their existing documents, identifying exactly what needs to be updated, and bringing their plan fully into compliance with Florida law.
Do not wait until it is too late to find out your trust was not doing what you thought it was.
Schedule your free consultation with Vito Bavaro, Esq. today and find out exactly where you stand.