Seminole Revcocable Trusts Lawyer
Revocable trusts are often referred to as "living" trusts. With a revocable trust, the Settlor maintains complete control over the trust and may amend, revoke or terminate the trust at any time. This means that you, the Settlor, can take back the funds you put in the trust or change the trust's terms. Thus, the Settlor is able to reap the benefits of the trust arrangement while maintaining the ability to change the trust at any time prior to death.
Revocable trusts are generally used for the following purposes:
Asset management. They permit the named trustee to administer and invest the trust property for the benefit of one or more beneficiaries.
Probate avoidance. At the death of the person who created the trust, the Settlor, the trust property passes to whoever is named in the trust. It generally does not come under the jurisdiction of the probate court and its distribution need not be held up by the probate process. However, the property of a revocable trust will be included in the grantor's estate for tax purposes and is not an asset protection vehicle.
Tax planning. While the assets of a revocable trust will be included in the grantor's taxable estate, the trust can be drafted so that the assets will not be included in the estates of the beneficiaries, thus avoiding taxes when the beneficiaries die.
To schedule an initial consultation to discuss a revocable trust, call us at 727.475.6680 or contact us online any time.
