Florida Asset Preservation Irrevocable Trust Put Experience On Your Side

Florida Asset Preservation Irrevocable Trust (FAPIT™) Attorney

What is an Irrevocable Trust in Florida?

Traditionally an irrevocable trust is a legally binding document that is agreed upon by a settler, trustee, & beneficiary. While a revocable trust may allow the "grantor" to alter the conditions of the trust, an irrevocable trust, once signed, cannot be revoked or amended by any party.

Medicaid/Asset Preservation Trusts are one of the fastest growing legal areas in Florida. In the last 5 years there have been several positive changes that have allowed a lot more flexibility in these Trusts. If you want to protect your family assets from Long-Term Care costs and future liabilities, then The FAPIT™ is something you should seriously consider looking at.

With the older Irrevocable Trust, there were the following problems:

  • The Trustee had to create a new IRS number and file returns separately.
  • The creator would lose control over the management of the assets and the income.
  • Older Irrevocable Trusts had higher tax consequences.
  • Once created, you could make NO future beneficiary changes.

Read more about trust defense here & call (850) 999-0006 to speak with our Fort Walton Beach Lawyer to discuss irrevocable trusts today. 

What is FAPIT™: New Irrevocable Trust Solutions?

The Florida Asset Preservation Irrevocable Trust is an irrevocable trust with way better options than what was offered in the past. All of the problems mentioned above are now solved.

With The FAPIT™, you can protect your assets from:

  • Medicaid
  • Bankruptcy
  • Lawsuits
  • Divorces
  • Your children’s creditors

FAPIT™ is an Irrevocable Pure Grantor Trust and is exclusively trademarked. In fact, Keith P. Vanover is the only attorney in Northwest Florida who can deliver the FAPIT™ difference. The FAPIT™ offers the strong Asset Preservation of the old irrevocable trust and offers most of the flexibility of a revocable trust.

Here are some of the FAPIT™ flexibility and asset preservation rules:

  • You can change the Trustee at ANY time for ANY reason with NO court permission.
  • You can change the Beneficiaries at ANY time for ANY reason with NO court permission.
  • Medicaid Benefits Eligibility after 5 years. All FAPIT™ assets are protected from spend down rules.
  • Immediately protect assets from you, your spouse and your children’s future liabilities. Examples of future liabilities include: divorces, bankruptcies, car accidents, and substance abuse.
  • You can direct the Trustee to distribute income and principle to anyone except yourself. You may reserve ALL of the income for yourself or spouse. Your beneficiaries will also receive a full step up in tax basis upon your death. In most cases, this allows the beneficiaries to avoid capital gains.
  • The FAPIT™ does NOT require a new IRS number or the filing of a separate Trust tax return. You can transfer assets into the FAPIT™ and it will NOT create a taxable event because the FAPIT™ is using your SSN.

The Medicaid 5-year asset transfer look back clock starts once the FAPIT™ is signed and the assets are transferred. We would like to sit down with you and go over these new options so that you can protect your legacy.

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Testimonials

Why People Choose to Work With Us

At Vanover Law firm, we strive to provide the best representation to our clients. Please take a moment to read what our past clients had to say about their experience with Vanover Law Firm. 

    "DUI for charging my phone"
    Great team, Chris and Angela are great, although things didn’t go easy through the COVID period they battled for me, unfortunately my Life took a turn and regretfully I backed out of going to trial and took the plea offered, I know what I did and I would make the same decision again in that situation but unfortunately some of the best decisions are punishable by law, I truly think Mr. Garret would have been a force to be reckoned with at trial, and I would have love to have witnessed it, but life is life. I would whole heartedly recommend him and his team, they where a blessing to me in the understanding all my circumstances.. God Bless
    - Ken Strickland
    "Team Garrett"
    I was so glad that I found Chris Garrett and was able to have him take my case. He answered all my questions and really listened to me. My case lasted for over 9 months, also had another charge added. I know that he fought for me all the way, he kept me out of jail and from losing everything I had. I highly recommend him and his great staff, no matter what your legal problem is. Also want to add that Angela was fantastic throughout the whole process.
    - Michael Buckner
    "Great help!"
    I hired Mr. Vanover to handle my DUI in Okaloosa County. Not only did he help me not lose my drivers license but my case ended up being reduced to a reckless driving. I'm very happy and would recommend the Vanover Law Firm if you find yourself charged with a crime.
    - Gerald
    "This law firm and Mr. Garrett are a true blessing and he is an amazing and talented lawyer!!"
    Throughout the entire process, Mr. Garrett and Angela were always there to help and assist me and you felt they truly cared. They are an amazing team and Mr. Garrett is an extremely thorough and skilled lawyer.
    - Tamara
    "I couldn't be happier with my experience."
    Mr. Garrett represented me in a DUI case and did an amazing doing so. His staff was more than helpful throughout the process and I couldn't be happier with my experience. In the end I was found not guilty do to the knowledge, experience and hard work put forth by my Mr. Garrett. Thanks again!!
    - Brandon
    "Definitely would recommend!!"
    Mr. Garrett and his team took very good care of my situation and were excellent at communicating with me.
    - Shelby
    "No greater than love than that you lay down you life for another."
    This law firm has been AMAZING! They truly care about their clients. My daughter was/is a client and they have called to check on her well-being, fought to get her penalties reduced, and even helped with assisting with indigent status for her.
    - Angie
    "Took very good care of my situation and were excellent at communicating with me."
    Mr. Garrett and his team took very good care of my situation and were excellent at communicating with me. Definitely would recommend!!
    - Shelby

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    What Our Work Means To Us

    Vanover Law Firm P.A. is here to help you get the results you need with a team you can trust.

    • Over 30 Years of Combined Legal Experience
    • Client Centered. Results Driven.
    • Air Force Veteran Owned Business
    • Free Consultations Available
    • Local Attorneys
    • Successfully Handled Over 3,000 DUIs