Fort Walton Beach Revocable Living Trust Lawyer
Florida Trust Laws - Which Trust Is Best for You?
One of the most important aspects of the estate planning process is creating a trust to protect your interests and your beneficiaries. At Vanover Law Firm, our Fort Walton Beach living trust lawyers are experienced in explaining and executing various types of trusts for our clients. But which trust is best for you?
Contact our Fort Walton Beach revocable living trust attorneys today at (850) 999-0006 to learn how Vanover Law Firm can assist you in implementing the trust you need.
What Is a Revocable Living Trust in Florida?
A revocable trust allows your family to avoid probate and execute your estate plan according to your wishes through life and death. A trust document called a "trust agreement" is drawn up and all of your assets are entrusted to a "trustee" who is responsible for managing your estate. A trustee can be a family member, friend, a bank, or a third party company. The benefits of a revocable trust is that it is "revocable" which means that once it is submitted you may always modify the document and/or terminate the trust. This option is available to all who create a trust as long as they are not incapacitated.
Note: It is important to transfer all relevant assets into the trust as anything that is not added to the trust is susceptible to probate. Probate is a time consuming and expensive process that can be avoided with a revocable or irrevocable trust. At times your loved ones may not receive what you meant for them to have.
The weakness of a revocable trust is that it gives you zero protection from lawsuits or nursing home costs. There is now a much better choice than the revocable trust: that choice is the Florida Asset Preservation Irrevocable Trust (FAPIT™).
What is an Irrevocable Trust in Florida?
An irrevocable trust creates a virtual safe deposit box for your assets. Once the assets are in the trust they are immediately protected from your and your family’s future liabilities. After five years the assets in the trust are not countable for purposes of receiving long term care benefits in a nursing home. After five years you can keep the assets in the trust from being harmed if you apply for long term care benefits. This means you won’t have to spend down all of your assets in order to qualify for benefits.
Click here for more information regarding irrevocable trusts & click here for more information regarding trust defense.
According to a Genworth study about 72 percent of Americans will need long term care in their lifetime. The average cost of a nursing home in Northwest Florida in 2019 is $8200 per month. The new Florida Asset Protection Irrevocable Trust (FAPIT™) has the flexibility to allow you to control your assets while protecting them from future creditors and long term medical care expenses. You can protect and nurture those assets in the FAPIT™ while you are alive. You can legally take all of the income off of those assets while you are alive.
You can also change the trustee or beneficiaries anytime during your life. You can invest the assets as you see fit while protecting them for your family. After five years all of the assets in this FAPIT™ are off limits to Medicaid. This means the assets will be protected from nursing home costs if you need long term care in the future. Remember that there is a 5 year look-back clock ticking in order to protect the assets from Medicaid in the future. The quicker you act, the quicker you can keep your assets from being lost to long term care costs.
Schedule a Free Consultation
Deciding which trust will best benefit you is a difficult decision, and retaining the services of a lawyer experienced in estate laws will benefit you when planning your trust. At Vanover Law Firm, our Fort Walton Beach living trust attorneys are knowledgeable in the various types of trusts available and can help you review your options during a consultation.
Contact the Vanover Law Firm today at (850) 999-0006 to learn which trust is best for you!
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.
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"Definitely would recommend!!"Mr. Garrett and his team took very good care of my situation and were excellent at communicating with me.- Shelby
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"The man is truly a blessing. If you find yourself in any kind of similar situation call Mr. Christopher Wayne Garrett!"Let me start by wishing I could put 10 stars! I was in a horrible situation when I contacted Mr. Garrett. I was arrested and charged with a 2nd DUI within a two year span and was ultimately facing jail time. His services are reasonably priced, and he worked on my case diligently. I never had to set foot in a courtroom. my mindset from the beginning was that the best case scenario was that my charges would be dropped to a lesser charge. Which still would have hurt me financially and put my job in jeopardy. After a few continuances so Mr. Garrett had time to review my case, I got an unexpected call. The call was to inform me that my case was DISMISSED!!!!!! I couldn’t believe it. Through his knowledge of the legal system and persistence he was able to get my case thrown out. The man is truly a blessing. If you find yourself in any kind of similar situation call Mr. Christopher Wayne Garrett!- Tyler
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"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
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"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
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"Mr. Garrett and his team did an amazing job representing me and helping me through the process. In the end I was acquitted by jury because of Mr. Garrett's knowledge and experience, couldn't be happier."Mr. Garrett and his team did an amazing job representing me and helping me through the process. In the end I was acquitted by jury because of Mr. Garrett's knowledge and experience, couldn't be happier. Thanks again!!- Brandon
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""Referred by friend""Want to thank Chris Garrett & his staff for their prompt and professional service. With many attorneys to choose from in the area, Chris came highly recommended to handle my case by a friend. I am very pleased with the outcome and will refer him in the future to anyone seeking his professional services. Thanks again Chris!- Brandon
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"A great team !"Vanoverlaw excellent team Mr Garret is an excellent lawyer and advocate, his staff is top of the mark- DAVID
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"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
Our Values
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.
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Over 30 Years of Combined Legal Experience
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Client Centered. Results Driven.
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Air Force Veteran Owned Business
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Free Consultations Available
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Local Attorneys
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Successfully Handled Over 3,000 DUIs
