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Category Archives: Trust Planning

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Is It Possible To Modify An Irrevocable Trust?

By Legacy Protection, LLP |

As their name suggests, irrevocable trusts are legal documents that cannot generally be revoked or modified after it has been created and the trust has been funded. However, there are certain exceptions to this that may make it possible to make changes at some point. Below, our St. Petersburg trust planning lawyer explains further…. Read More »

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FAQs About Living Trusts In Florida

By Legacy Protection, LLP |

Living trusts are an important part of many estate plans in Florida. A living trust essentially acts as an intermediary between you and those you have named as beneficiaries. They are a conduit used during your lifetime and after you pass away. When considering making a trust part of your estate plan, you will… Read More »

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Assigning A Trustee For A Loved One’s Special Needs Trust

By Legacy Protection, LLP |

If you are caring for a loved one with special needs, you may worry about what will happen to them if you are no longer able to provide their necessary care. The decision of who will take care of their health, living, and financial needs is a very serious one. Fortunately, there are tools… Read More »

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Three Reasons Many Trusts Fail

By Legacy Protection, LLP |

If you have a Florida estate plan, it may include a trust. A trust is a legal document into which assets are placed to be distributed to beneficiaries in the event the grantor (person who created the trust) passes away. Trusts are important estate planning tools that allow loved ones to avoid the probate… Read More »

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Third Party Vs. Self-Settled Special Needs Trusts

By Legacy Protection, LLP |

Special Needs Trusts (SNTs) are a special type of trust used to protect a person’s ability to continue receiving needs-based government benefits, primarily Medicaid and Supplemental Security Income (SSI). Because a beneficiary of such programs cannot legally more than a specified amount of assets, it is often necessary to create a SNT to ensure… Read More »

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Does A Revocable Trust Have To Pay Federal Income Tax?

By Legacy Protection, LLP |

Revocable trusts are the simplest form of trusts used in estate planning. A trust is a legal arrangement whereby a grantor transfers certain assets to a trustee, who then holds those assets for the benefit of certain beneficiaries. In the typical revocable trust, these are all the same person. That is to say, if… Read More »

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Land Trust: What Is It And What Are The Benefits?

By Legacy Protection, LLP |

Many Floridians are setting up Land Trusts for their properties in the Sunshine State. But what is a Land Trust, and can you benefit from creating it as part of your estate plan in Florida? If you are considering setting up a Land Trust in Florida, consult with a St. Petersburg trust planning attorney… Read More »

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Irrevocable Life Insurance Trust (ILIT): What is It and What Are the Benefits?

By Legacy Protection, LLP |

When preparing an estate plan, many Floridians wonder whether it makes sense to create an Irrevocable Life Insurance Trust (ILIT). You need to understand what an ILIT is in order to know whether it is worth creating one. While an ILIT can be a critical trust planning tool, creating an Irrevocable Life Insurance Trust… Read More »

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How to Make Sure Your Beloved Pet Is Cared for After Your Death

By Legacy Protection, LLP |

For many people who are older and whose kids have long moved away, their pets become their most important companions. Loyal and kind, owning a pet offers people the benefit of companionship as well as health benefits. Most Americans own a pet. To be sure, according to the National Pet Owners Survey, as of… Read More »

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Should you name a trust as IRA beneficiary?

By Legacy Protection, LLP |

An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly. IRA benefits The benefit of an IRA is that your contributions can grow and compound… Read More »

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