Trusts Administration Attorney in Melbourne
Start a Trust Today to Help Your Loved Ones
An experienced Melbourne attorney is necessary to establish a trust as part of a well-designed estate plan, which is why our team at the Law Office of J. Scott Lanford is made up of professionals in both the legal and financial matters of trust administration. A trust protects your assets from creditors and helps reduce asset taxes. With our assistance at the Law Office of J. Scott Lanford, you are able to determine what type of trust works best for you.
We can provide assistance with variations of trusts administration including:
- Credit shelter trusts. These trusts provide a mechanism to reduce estate taxes and take full advantage of state and federal tax exemptions. Credit shelter trusts primarily benefit the children or other beneficiaries the individual has designated by distributing the property in the trust without estate tax when the surviving spouse dies. It can also serve to shield funds from creditors, avoid administrative issues and protect children’s inheritance if a surviving spouse remarries.
- Generation-skipping trusts. Instead of passing your assets to your children, generation-skipping trusts allow you to pass them to your grandchildren or other individuals who are at least two generations your junior. These trusts are often beneficial because they allow you to avoid estate taxes that would apply if the assets were first transferred to your children.
- Qualified personal residence trusts. Also known as a QPRT, a qualified personal residence trust allows you to transfer your home to your children or another party with a reduced transfer tax cost while still continuing to live in it. During the retained income period, you will be able to live in the residence rent-free, later paying fair market rent to your heirs when that period ends. This option allows you to remove the value of your home from your estate and from future estate taxes, an especially useful option if the home or vacation dwelling is likely to appreciate in value.
- Irrevocable life insurance trusts. An ILIT is an irrevocable trust set up specifically to own a life insurance policy, often in order to exclude proceeds from life insurance policies from estate taxes. A spouse, child, friend or third party must serve as the trustee, investing and distributing the insurance proceeds tax-free when you die.
Selecting the right type of trust for your estate can be a complicated process, which is why our team at J. Scott Lanford Attorney in Melbourne will help assess your situation and determine the best option for you. For smaller estates, you may not need a trust, since the federal estate tax exemption is about $5 million per person. But even with smaller estates, there can be state taxes or other complications that may make trusts a wise option.
With a free consultation, our financial and legal team can help determine the best strategy for creating a trust that fits your financial needs. Give us a call today at (321) 728-9898 in Melbourne.
Why Choose Us?
- Free Consultations
- Available Nights & Weekends
- American Bar Association Member
- Admitted to Practice in Federal Court
- Over 60 Years of Combined Experience