The Law Office of Jeffrey A. Attia is dedicated to estate planning, trusts, probate and guardianship issues for clients in Fort Myers and our surrounding communities. After a comprehensive analysis of your circumstances and objectives, we can advise you on the instruments that meet your asset protection and estate planning goals. We draft irrevocable trusts that may help you avoid tax liability, advance your long-term health plans and provide for your loved ones after your passing.
What is an Irrevocable Trust?
An irrevocable trust is exactly as it sounds, a trust that cannot be revoked unless all the beneficiaries agree to revocation. Once you transfer assets into the trust, the property is owned by the trust and you no longer have ownership rights.
The trust comprises the grantor, property, beneficiaries and trustees. When you retain our services as the grantor, you authorize Fort Myers trust administration attorney Jeffrey Attia to create the trust instrument that contains the terms of the trust and the documents that allow transfer of your gifts to the trust. The trustee is in charge of following the terms established by the trust instrument and acting on behalf of the beneficiaries. The property in a trust may include homes, other real property, business assets, personal assets, securities, life insurance policies, cash, artwork and other items.
Why Form an Irrevocable Trust?
An irrevocable trust may confer a variety of benefits. During your lifetime, you may enjoy tax benefits because you no longer own the assets or income arising from the assets.
You may also set up an irrevocable trust for property protection. For example, creditors typically have no rights to trust property although you must be careful that the trust and transfers to it weren’t done to avoid existing creditors as that may constitute a fraudulent transfer.
If you are a senior, you may consider an irrevocable trust in your long-term health care planning. For many, a nursing home or assisted living facility would be financially out of reach were it not for Medicaid benefits. You may be able to use an irrevocable trust as a valuable tool for preserving your assets and reducing your income to qualify for crucial Medicaid benefits.
Bypassing probate may be desirable to keep your assets and beneficiaries confidential, as well as to expedite allocation of your assets to your loved ones.
Even though you no longer own the property, you can maintain some control through the terms you create. For instance, you might stagger release of trust income to ensure your children have adequate funding for college or you might use a trust to pay for upkeep, insurance and property tax on a home you leave to your spouse.
Learn More About Establishing an Irrevocable Trust From Our Dedicated Fort Myers Trust Administration Attorney
An irrevocable trust has a variety of benefits, including reduced tax liability, long-term care affordability, asset protection and inheritance allocation. The Law Office of Jeffrey A. Attia discusses whether an irrevocable trust is beneficial to you and your loved ones. Call our Fort Myers trust administration attorney today at 239.919.2318 for more information.