Living Trust Lawyer Melbourne, FL
A living trust lawyer at Arcadier, Biggie & Wood, PLLC is available to help members of the Melbourne, Florida community with their estate planning needs. One of the most popular choices among the many estate planning tools is the living trust. This is for the many benefits that a living trust offers. Because there is more than one type of living trust, it may be beneficial to discuss the pros and cons of each type with our estate planning lawyer in order to learn which best reflects your needs. You can have your questions answered and any concerns addressed.
A revocable living trust is a type of trust that is created with the help of a Melbourne, FL living trust lawyer in order to hold ownership of the grantor’s assets. The grantor is the person who creates a revocable living trust. Typically, the grantor is also the primary trustee. The trustee is the individual who manages and controls the assets that are transferred into the trust. If the grantor is also the trustee, then a secondary trustee must be named who will take over when the grantor passes away or becomes incapacitated. If you choose to create a revocable living trust, you can name a lawyer or an institution as your primary or secondary trustee if you prefer.
How does a revocable living trust work while the grantor is still alive?
One of the primary attractions of a revocable living trust is that the grantor can transfer ownership of their assets to the trust and in that way protect them from creditors and litigation but still maintain control of those assets. In addition, your Melbourne, FL living trust lawyer can specify during the formation of the trust that you as the trustor still maintains the right to invest and spend the assets in the trust. If you are not the trustee then you can direct the trustee to follow your instructions.
What makes a revocable living trust revocable?
It is referred to as revocable because the trustor maintains the right to change the nature of the trust. (An irrevocable trust does not allow this. These rules are established and enforced by the federal government and must be followed. Our probate lawyer Melbourne, FL families recommend will make sure that your estate planning is compliant with all laws and regulations.) If you are the trustor of a revocable living trust, you can do the following:
- Reclaim assets that you’ve placed into the trust
- Divert the income from those assets to yourself or to another individual or institution
- Sell the assets to the trust
- Add assets to the trust
What are the tax liabilities associated with a revocable living trust?
This is an important consideration that your Melbourne, FL living trust lawyer will review with you. The revocable living trust will share your social security number. You will likely include taxable income associated with the trust on your Form 1040 when filing your taxes, much the same as if you held direct ownership of the assets.
Call Arcadier, Biggie & Wood, PLLC to learn more about revocable living trusts and how our living trust lawyer Melbourne, FL clients trust can assist you.