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Serving Florida with Legal Representation and Business Consulting
Most people believe that trusts are only for the rich
and famous. Actually most people who own a house in
Common Trust Misconceptions are:
Talk to us about your plans for your children or other loved ones. Let us make your final wishes happen not what the state believes is best.
How can a Trust be beneficial to me?
Protection from a child’s divorce
Example #1) You have two children – 1 responsible and 1 who doesn’t handle their finances very well and is going to marry a person which may end in a divorce. A simple will can be setup to divide your estate 50/50. However a trust can still accomplish the same goal but provide protection if your child gets married and divorced.
Protection from “unknown creditors”
Example #2) A client had multiple properties in her individual name. She left the country for about 3 months on an extended vacation. Her property manager allowed the grass on two of the properties to grow tall and one property had a tenant who had several junk cars. The end result was fines of $250 per day on each property for over $50,000 of liens placed on ALL of her 20 properties. If she had setup the properties in several trusts only those properties would have been liened.
Protection from lawsuits
Example #3) If your child inherits $1,000,000 and during the grieving process negligently drives his car causing and accident. The victim may sue him personally and have an interest in the inheritance. A trust may protect these funds.