Trusts Attorney in Miami, Florida
Planning for the future often stirs up a mix of emotions. Many families want to protect their loved ones while also feeling the weight of important decisions. Concerns about children, aging parents, or family businesses can feel overwhelming, and the thought of leaving behind confusion for heirs is unsettling.
At Denise Jomarron Legal Group, our attorney focuses on listening to the needs of each family, identifying priorities, and guiding clients through their available options. We’re committed to explaining every step clearly so you’ll feel confident about your future.
Located in Miami, Florida, our firm serves communities across surrounding areas, including Coral Gables, Coconut Grove, Fort Lauderdale, and Palm Beach. We work with you to protect what matters most. Reach out to us today to begin building a plan with an attorney who gives you and your family confidence moving forward.
What Is a Trust?
A trust is a legal arrangement that allows one person, known as the trustee, to hold and manage property or assets for the benefit of another person or group of people, referred to as the beneficiaries. The person who creates the trust is often referred to as the grantor or settlor. Trusts are flexible tools that can serve multiple purposes, from passing wealth to children to supporting charitable causes.
Trusts differ from wills in that they can become effective immediately upon creation, not just after death. This makes them valuable for families who want to manage assets during their lifetime, provide for loved ones with special needs, or set conditions on how and when beneficiaries will inherit.
Setting Up A Trust?
Benefits of Creating a Trust
Creating a trust can benefit families and individuals in multiple ways. While every situation is unique, some common advantages often stand out.
Avoiding probate: A trust can transfer assets directly to beneficiaries, bypassing the delays and expenses often associated with probate court. This process allows for quicker and more efficient distribution, making sure beneficiaries receive their inheritance sooner while also maintaining privacy and reducing legal costs associated with court proceedings.
Maintaining privacy: Unlike wills, which are public documents accessible through probate court, trusts remain private and confidential. This means that details about your assets, beneficiaries, and distribution plans aren’t exposed to the public, offering your family more protection and preserving your personal and financial privacy after your death.
Providing flexibility: Trusts allow you to specify conditions for how and when assets are distributed, which helps tailor inheritances to reflect personal values. For example, you can set age restrictions, education requirements, or specific use stipulations for beneficiaries, making sure that your assets are used in a manner that aligns with your wishes.
Supporting long-term planning: Trusts serve as an excellent tool for long-term planning, whether it’s to provide for children, elderly parents, or charitable giving. By outlining how assets should be managed over time, trusts make sure ongoing support for beneficiaries, helping families avoid financial stress during transitional periods and promoting stability for future generations.
Reducing taxes: Certain types of trusts can be structured to minimize estate and inheritance taxes, potentially saving your beneficiaries significant amounts. By placing assets in an irrevocable trust, you can protect them from estate taxes and strategically distribute them to reduce taxable amounts, thereby preserving wealth for your family.
These benefits make trusts a practical option for families who want to create security while also simplifying the transfer of wealth. Working with an attorney allows individuals to tailor a trust to their exact goals.
Types of Trusts Available
Not all trusts are the same. Choosing the right one depends on personal circumstances, financial goals, and family needs. Some of the most common trusts include the following:
Revocable living trusts: Created during a person’s lifetime, these trusts can be changed or revoked at any time, providing flexibility in asset management. They allow the grantor to retain control of their assets while avoiding the probate process, making sure a faster and more private transfer to beneficiaries upon death.
Irrevocable trusts: Once created, these trusts generally can't be altered or revoked, offering a permanent structure for asset management. Often used for tax planning or asset protection, irrevocable trusts help shield assets from creditors or estate taxes, making them a valuable tool for individuals seeking to preserve wealth.
Special needs trusts: Special needs trusts are tailored for beneficiaries with disabilities, offering financial support while preserving eligibility for essential government benefits like Medicaid or Supplemental Security Income. These trusts guarantee that individuals with disabilities can maintain a higher quality of life without compromising access to critical public assistance.
Charitable trusts: These trusts enable individuals to contribute to charitable organizations while also providing them with potential tax benefits, such as income or estate tax deductions. Charitable trusts can be structured to support a wide range of causes, making them a meaningful way to leave a lasting legacy.
Testamentary trusts: Created through a will, these trusts come into effect only after the grantor’s passing, providing a way to manage the distribution of assets. Testamentary trusts allow individuals to control how their assets are used or distributed, typically to minor children or other beneficiaries, over a specified period.
Each type of trust carries unique benefits and responsibilities. Choosing the right trust requires evaluating long-term family and financial goals with professional guidance from a trusts attorney.
How Trusts Work in Florida
Florida law outlines specific rules for creating and managing trusts. For a trust to be valid in Florida, the grantor must have the legal capacity to create it, there must be a clear intent to form a trust, and the trust must have both property and identifiable beneficiaries.
Florida also requires trustees to act in the best interest of beneficiaries. They must manage the trust assets responsibly, keep detailed records, and provide regular updates. Beneficiaries have legal rights to hold trustees accountable, which helps protect against mismanagement.
Because laws can vary between states, working with a Florida-based lawyer such as Denise Jomarron, Esq. is especially valuable. Local knowledge enables families to create trusts that comply with state requirements while meeting their personal goals.
When a Trust May Be Right for You
Trusts aren’t just for the wealthy; they're valuable tools for families, individuals, and business owners who want to protect their assets or make sure that loved ones are cared for in specific ways. For example, parents with young children may use a trust to set aside funds designated for education or living expenses.
Blended families can establish trusts to create fair and balanced inheritance plans for children from different marriages, so that all heirs are treated equitably. Trusts are also helpful in elder care planning, allowing individuals to protect their assets while still qualifying for certain long-term care benefits.
Business owners can use trusts to facilitate a smooth transition of ownership in the event of incapacitation or death, guaranteeing the continuity of their business.
Responsibilities of a Trustee
When someone accepts the role of trustee, they assume legal and financial responsibilities that must be handled with care. Trustees must adhere to the terms of the trust, manage property responsibly, and act in the best interests of the beneficiaries. Common responsibilities include:
Managing trust assets: Overseeing investments, real estate, or other property with prudence, making sure that each asset is optimized for growth and protected from unnecessary risks. Trustees must regularly review the performance of these assets to make sure they align with the trust’s goals and benefit the beneficiaries in the long term.
Keeping accurate records: Maintaining detailed financial reports, tracking all transactions, and providing them to beneficiaries or regulators when required. This includes documenting income, expenses, asset values, and any distributions made.
Distributing assets: Following the instructions of the trust when providing money or property to beneficiaries, while also considering the trust’s terms and any relevant tax implications. Trustees must distribute assets in a timely and equitable manner so that each beneficiary receives the assets outlined in the trust, subject to any specific conditions or restrictions set forth by the grantor.
Communicating clearly: Keeping beneficiaries informed about trust activity by providing regular updates, addressing questions, and clarifying any concerns. Trustees must maintain open communication, making sure that beneficiaries are well-informed and understand the status of their inheritance, any changes to the trust, and how the assets are being managed and distributed.
Serving as a trustee can be both rewarding and challenging, as it carries significant responsibilities. This is why many families choose to name professional trustees or work closely with an attorney for support.
Trusts Attorney Serving Miami, Florida
At Denise Jomarron Legal Group, we’re dedicated to helping families across Miami, Florida, and surrounding areas, including Coral Gables, Coconut Grove, Fort Lauderdale, and Palm Beach, create trusts that reflect their wishes and values. Our attorney works closely with clients to protect what matters most and provide them with peace of mind about their future. Reach out today to work with a skilled estate planning attorney.