Legal Question in Wills and Trusts in Florida

Re: Trusts vs. Wills

It really depends on your objectives. There are certain trusts you can do to reduce taxes, but generally they are for large estates (i.e. $1 million and higher). Trusts can help achieve other objectives, however, i.e. to retain Mediciaid eligibility, protect assets from being wasted. There are many different types of trusts. In any event you should always have a will (if you set up a living trust, you would have a pour-over will, which will account for assets inadvertently excluded from the trust). Trusts must be set up carefully in order to achieve what you intend. I strongly recommend consulting an estate planning attorney in your area to help you achieve your objectives.

Should you have further questions or require assistance in setting up an estate plan, please feel free to contact me directly via email or phone at (407) 353-4728.