Winter Haven Trusts Attorney

Trusts can enhance the overall functionality of an estate plan by reducing estate taxes, protecting assets from creditors and ensuring the proper management of assets in an estate.

At the office of J. Kelly Kennedy, Attorney/CPA, PLLC, in Winter Haven, Florida, we help individuals protect assets and pass them to loved ones, charities or other benefactors in the manner they desire using trusts and other estate planning tools.

Who Needs A Trust?

Trusts are not intended solely for high-asset individuals. Rather, they can make great sense for individuals at all asset levels.

The person who creates a trust is known as the grantor or settlor. He or she "funds" the trust by transferring ownership of assets into the trust, and then designates a person or entity to manage those assets. This person is known as the "trustee." The person who will ultimately benefit from the trust is the beneficiary.

The most common types of trusts are revocable and irrevocable. A revocable trust, which is also known as a living trust, allows the settlor to amend or revoke the trust at any time. Irrevocable trusts cannot be amended or revoked by the settlor. The primary benefits of irrevocable trusts are asset protection and the reduction of estate taxes.

In addition to revocable and irrevocable trusts, there are numerous other types of trusts that accomplish varied and specific goals. These include:

  • Special needs trust — Allows a beneficiary who is disabled or mentally ill to receive financial help from a trustee without jeopardizing that individual's right to receive Supplemental Security Income (SSI) or Medicaid benefits.
  • Testamentary trust — Is written into the terms of a will and does not come into existence until your death. Assets pass through probate before they are entered into the trust. This is often used by couples to protect their minor children.
  • Life insurance trust — Reduces the amount of estate taxes by putting a settlor's insurance policies into the trust. When the settlor dies, the trustee distributes the life insurance benefits to the beneficiaries.
  • Gift trust — Achieves the dual goal of reducing the size of your estate and passing assets to heirs with more control over how the assets are invested while they are in the trust and when beneficiaries receive the assets.

Meet With Our Experienced Wills And Trusts Lawyer

We invite you to meet with an experienced Winter Haven estate planning attorney to discuss how trusts and other estate planning tools can benefit you and your loved ones.

Even if you have an estate plan in place, it's important to review it regularly to ensure that it still accomplishes your objectives. Changes in your life, your assets and tax laws can create the need to make changes to your estate plan.

Call 888-415-5019 or use our online form to schedule a consultation.