Affinity Law Firm
3947 Boulevard Center Drive, Suite 101

Jacksonville, Florida 32207
(904) 398-9510

 

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Our Legal Services  
Serving Florida and Georgia with Legal Representation and Business Consulting


Estate Planning

 
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.