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. 

    "Definitely would recommend!!"
    Mr. Garrett and his team took very good care of my situation and were excellent at communicating with me.
    - Shelby
    "My heartfelt thank you to all."
    I could not have been associated with a better, proficient, professional organization. I consider myself so fortunate to be represented by the entire staff. I would find it an embarrassment to let you and the prosecutor down. My heartfelt thank you to all.
    - Rick
    "I always felt my best interest was their focus and they worked hard to conclude my case in a favorable manner."
    Very professional attorney and great care was taken with my case. I always felt my best interest was their focus and they worked hard to conclude my case in a favorable manner. I highly recommend them.
    - Kate
    "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
    "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
    "Highly recommended!"
    Great DUI law firm. I had a DUI over Christmas. They got me a drivers license within 48 hours and I'm still driving on that license! I never had to go to court. Highly recommended!
    - Karson
    "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
    "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

    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.

    • 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