What Types of Trusts Are Best For Seniors in Stuart, Florida?

At a certain point in life, many people begin to consider trusts for the first time. A considerable percentage of these people reach retirement age before they begin to have these thoughts, and they may need trusts that address the unique concerns of seniors. Which trusts are best for seniors in Florida? Can an estate planning attorney in Stuart help you choose the right option?

The Best Trust Depends on Your Unique Circumstances

Online research may provide a few pointers, but it probably won’t help you find the “best” trust nor the best language to put into your trust, for your specific needs. Estate planning is a highly personalized process (or at least, it should be). The good news is that local estate planning attorneys can help you assess your goals and priorities while guiding you toward an appropriate solution. Note that many seniors do not even need trusts at all.

Consider Trusts That Provide Income

 For those who are just beginning to approach retirement, trusts that provide income during life may be particularly attractive. Various types of irrevocable living trusts perform this role quite effectively. For those in need of long-term medical care,  some types of irrevocable trusts can also help you qualify for Medicaid – despite your financial resources.

Consider Combining Trusts With Gifting Strategies 

Many seniors appreciate the opportunity to distribute their wealth while they are still alive. This is called “gifting,” and it has numerous benefits. Follow the directions of your estate planning attorney, and you can avoid tax issues by distributing assets to your loved ones during life. Gifting may be easier when done within certain types of trusts, and this may be something worth considering.

You Should Combine Your Revocable Trust With a Pour-Over Will

Although it is not a “trust” per se, a pour-over Will is an appropriate adjunct to a Revocable Trust for many seniors. This type of Will “pours” excess assets back into a trust when you pass away, ensuring that as much of your wealth as possible is “captured” by your trust.

A Pourover Will transfers assets into a Revocable Trust after death. It provides certainty that all of an individual’s assets will be distributed in accordance with the estate plan set forth in the Trust.

Trusts Are Only One Aspect of Your Estate Plan

 Aside from trusts, there are many other topics to consider during the estate planning process. You might also want to discuss Florida’s homestead exemption, life insurance, and much more with your estate planning attorney. You should also consider the medical aspects of estate planning, such as powers of attorney and living wills.

Can an Estate Planning Attorney in Stuart Help Me Choose the Right Trust? 

If you’re considering trusts for the first time, consider a consultation with an estate planning attorney in Stuart. During an initial meeting with a lawyer, you can discuss your unique goals, priorities, and concerns. From there, you can select a trust that matches your specific circumstances. Contact Kitroser Lewis & Mighdoll today – and continue this important conversation.

Sources:

 help.flcourts.gov/Other-Resources/Probate

floridabar.org/public/consumer/pamphlet026/0