Five Ways Creating A Trust In Tampa Can Help Protect You And Your Assets
You work hard to provide for yourself and your loved ones. Unfortunately, health concerns, taxes, lawsuits, and other circumstances out of your control can jeopardize your property and assets. Creating a trust helps to prevent that from happening. Our Tampa trust attorney explains five ways a trust can help to protect you, your family, and your assets.
What Is A Trust And How Can Creating One Help Me?
A trust is a common tool in Tampa estate planning. It involves transferring ownership of certain property and assets into the care of a trust, which is managed by a trustee. Under the Florida Trust Code, this person has a fiduciary duty to manage your trust in accordance with your wishes while protecting your best interests.
There are several different types of trusts available in Tampa, which can be used for a variety of purposes. Depending on the type you create, it can provide the following benefits:
- Allows you to avoid probate court proceedings.
Creating a trust in Tampa allows property and assets it contains to pass directly to designated beneficiaries rather than going through Hillsborough County Probate Court proceedings. This helps ensure loved ones are provided for in the event something happens, makes difficult circumstances easier for them, and can ultimately save time and money.
- Can save you money on your taxes.
By transferring ownership of property and assets into a trust, you may also be able to avoid estate taxes and taxes on income or capital gains. However, this does not apply to every trust. Our Tampa trust attorney can guide you in the specific type you need.
- Can protect assets from lawsuits and creditor claims.
Lawsuits are a serious risk for businesses and property owners. Putting your property and assets into an irrevocable trust can protect you against legal judgments. It can also protect against credit claims in case of bankruptcy or other financial problems.
- Prevents long-term care costs from depleting your estate.
As you get older, you will likely need more intensive care. Unfortunately, the costs of visiting nurses, long-term rehabilitation facilities, and nursing homes can quickly deplete everything you worked so hard to earn. Transferring ownership of property and assets into a Tampa trust in advance can help ensure Medicaid eligibility, which covers these costs.
- Benefits in terms of guardianship proceedings.
Adult guardianship proceedings in Tampa can give others control over your property and assets. A trust prevents this. It is also used by new parents when naming a guardian for their children. If anything happens to you, the trust makes sure your child’s needs are provided for properly.
Request A Consultation With Our Tampa Trusts Attorney Today
Trusts play an important role in Tampa estate planning. At Strategic Counsel Law Group, L.C., we provide professional legal guidance in determining the type of trust right for you. To request a consultation with our Tampa trust attorney, call or contact our office online today.
Sources:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0736/0736.html
hillsclerk.com/court-services/probate-guardianship-and-trust
medicaid.gov/medicaid/eligibility/index.html
