David Howard Goldberg, P.L.

Trusts are versatile estate planning tools

It is not unusual for Florida residents to postpone doing important things, such as changing the oil in their cars or getting a regular medical checkup. Another important task many put off is creating an estate plan. One reason for the delay is that they do not understand the importance or benefits of an estate plan, especially revocable trusts. While wills are easy to make, trusts can be essential for those who have particular goals in mind for their plans.

Anyone who has lost a loved one may remember the long, frustrating probate process that kept them from obtaining the assets they were meant to inherit. Trusts are helpful for avoiding that process, keeping the contents of one's estate private and saving the cost of probate. In addition, a trust can be a useful tool for minimizing the tax ramifications one's heirs may face after receiving an inheritance. Since the trust essentially owns the assets funded to it, the tax burden on those assets is reduced.

A trust can be an effective way to provide long term care for children, pets and others who may depend on someone. Parents can establish trusts for their children to finance their goals for education and other needs. Those who own animals can create a fund for the provision of their pets to ensure they do not end up in shelters after their owners die.

Understandably, creating trusts can be quite emotional. It involves the consideration of difficult topics and possibilities. However, with the assistance of a skilled Florida attorney, the creation of a trust can bring peace of mind that one's loved ones will have a secure future.

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