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Florida residents may want to consider a living trust

When individuals are creating their estate plans, they may wonder what types of trusts may be right for their circumstances. Because there are multiple types of trusts that can serve different purposes, it may be prudent for Florida residents to understand how a living trust can help avoid probate and which trusts may be able to reduce estate taxes. Luckily, those making their estate plans do not have to move forward without assistance.

If individuals are interested in helping their surviving loved ones avoid the legal process of dividing estate property, a revocable trust may be a good choice. This type of trust is also known as a living trust because individuals can amend it during their lifetimes, and it may be especially helpful for individuals who own property in multiple states. This type of trust, however, does not necessarily protect individuals from estate tax.

If estate tax is a concern, parties may wish to learn more about irrevocable trusts. These trusts cannot be amended after they have been created. As a result, individuals essentially give up ownership of assets placed in such trusts. Additionally, this relinquishing of control helps to protect parties from estate taxes that may have otherwise been assessed. However, there are different types of irrevocable trusts that interested individuals may wish to explore.

Estate planning can be overwhelming for individuals who are not certain about how their options may affect their estates. If Florida residents would like to move forward with their estate plans and create a living trust or irrevocable trust, gathering more information is typically helpful. Consulting with legal professionals who focus their legal practice on estate planning and administration would be a logical first step.

Source: desmoinesregister.com, "Understanding the 3 primary types of trusts", Jim Sandager, Aug. 31, 2015

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