A Miami Trust Attorney: Choosing The Right Tools For Your Estate Plan

Creating trusts can be an invaluable tool for creating a comprehensive estate plan. Trusts can help maintain family harmony, eliminate unnecessary expenses and provide you with a way to leave assets with minors. 

As an estate planning lawyer with over 40 years of experience, I help my clients in South Florida establish testamentary trusts as part of their estate plan. I can explain the differences between revocable and irrevocable trusts and advise you on what is best for your specific asset and wealth portfolio. My name is Nelson C. Keshen, and I am a Miami trust lawyer who can help you leave a legacy for your heirs that will minimize tax consequences and help you keep certain assets out of probate. 

Protect Your Family And Your Legacy With A Trust

Trusts can work alongside your will as part of your estate plan to preserve your legacy for your family. In Florida, there are various trust options available, including:

• Revocable trust: A revocable trust, also known as a living trust, is flexible and can be changed or revoked during your lifetime. It allows for the management of assets while the trustor is alive and can help assets avoid probate at death.
• Irrevocable trust: Once established, this trust cannot be modified or terminated without the permission of the beneficiaries. It offers benefits like asset protection and tax advantages.
• Testamentary trust: Created as part of a will, this trust comes into effect after the death of the trustor. It allows for the detailed distribution of assets and can be used to manage inheritance for minors or dependents.
• Charitable trust: Established to benefit a charitable organization or cause. This trust can offer tax benefits to the trustor while supporting philanthropic goals.
• Special needs trust: Designed to provide for the needs of a beneficiary who has disabilities without disqualifying them from government assistance like Medicaid or Supplemental Security Income.

Different trusts accomplish different estate planning goals. I will work with you to evaluate your needs and establish your goals to utilize the right types of trusts as part of your estate plan. 

Using Trusts During Your Lifetime: Understanding Revocable Trusts

A revocable trust is a versatile estate planning tool that can help you manage your assets during your life but can also transfer them to your beneficiaries after your death. You, as the grantor, can modify or terminate the trust at any time, as long as you are capable. The flexibility of a revocable or living trust makes it an efficient option for managing wealth. A revocable trust is common for managing:

• Real estate
• Bank accounts
• Investments

Assets are placed in the trust. As the trustee, you maintain control. However, if you become incapacitated, a successor trustee can manage the trust assets on your behalf. Upon your death, the trust assets will transfer to your beneficiaries, according to your instructions. This allows the assets in the trust to be transferred without having to go through probate. 

Schedule A Consultation With A South Florida Trusts Attorney

When you work with me, I will take the time to understand your family relationships, answer your questions and evaluate your goals. Together, we will evaluate tax considerations and the impact your estate’s administration will have on your beneficiaries. 

I am available by appointment. To schedule an initial consultation, you can call 305-517-3577 or send me a message through my website.