Planning and setting up a trust correctly can be a great asset
to an estate or the beneficiary of the trust.
Trust are wonderful estate planning techniques because,
depending on the type of trust used, trust can reduce estate
taxes, protect assets from the creditors of the beneficiaries,
ensure proper investment and management of assets, and reduce
income taxes under certain circumstances.
Types of Trust may include:
-
Dynasty Trust,
in which assets
are preserved and protected for multiple
generations.
-
Life Insurance Trust,
in which
life insurance proceeds are removed from the
settlors taxable estate and are held and
invested for the benefit and safety of the
beneficiaries.-
Grantor Retained Annuity Trust (GRAT),
which is a technique to pass assets to
beneficiaries at a reduced gift or estate tax
cost.
-
Living Trust,
which holds assets for the lifetime benefit of
the settler, but allow a backup trustee to
administer the assets upon the incapacity of the
settler, avoiding guardianship and the problems
that exist with a power of attorney or jointly
titling assets.
Trust Administration is a specialized practice area involving
the administration and transfer of assets according to the
specific directions. Trust Administration often involves
extremely complex considerations which may not be initially
apparent to the Trustee or to the beneficiaries of the Trust. As
an experienced Lakeland Trust Planning & Administration
Attorney - Lawyer we address all issues relevant to your
specific needs.
Cohen & Best, P.A.,
is well equipped to handle all facets of trust
planning and the administration of the trust. We will assist and
advises the Trustee so that he or she avoids the numerous
pitfalls and problems that are not readily apparent to those
which may not be familiar with the practice of Trust
Administration.
