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TRUSTS
Most people believe that trusts are only for the rich
and famous. Actually most people who own a house in Florida would benefit
from a trust. There are many common misconceptions of trusts.
Common Trust Misconceptions are:
- You lose control of your property � False,
actually you have more protection!
- You can�t change the trust � False, almost
all trusts are revocable.
- You can�t borrow money or sell the
property � False
- I want to let my children control their
inheritance � A trust can offer protection for your children
from divorce, creditors, and lawsuits!
- It costs too much - False, probate cost 3%
of your estate or about $6,000 for a $200,000 estate. A full
estate plan generally costs less than 1/3 of this and avoids
probate!
- Why should I spend money now � my children
can pay for it when I die � Anyone who has lost a loved one
knows that adding stress is not good for a grieving person.
Despite costing far less than a funeral it can literally save
tens of thousands and decrease their stress.
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.
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