Legal Question in Wills and Trusts in Florida

Re: Trusts that share property while irrevocably excluding certain family member

A trust can accomplish your goals, but there are as many different types of trusts. Your family planning goal, should also be coordinated with income tax, and estate and gift tax planning. If you have charitable intention, a charitable remainder trust - whereby the surviving spouse receives the income, but a charity receives the principal after the death of both parties - may be appropriate. You should contact a lawyer, and work with both your lawyer and accountant to craft a plan to accomplish your goals. Do not hire an attorney just to prepare a trust without a review of your entire plan.

Re: Trusts that share property while irrevocably excluding certain family member

Yes, you can create a trust. There is no requirement in the state of Florida to leave any property to your children. A QTIP trust creates what is known as a life estate to your wife (she gets to use and enjoy the assets of the trust during her lifetime) and the remainder after her death can go to your daughter. An attorney can draft the document to reflect your wishes for your portion of your estate. However, your wife may choose to gift to your son from her proceeds of the trust and may choose to make your son her beneficiary to her portion of your jointly owned assets.

Re: Trusts that share property while irrevocably excluding certain family member

You may configure a trust to serve this very valid

purpose. I would be happy to discuss this further.

JMC