One of the most common concerns that individuals have when it comes to setting up an inheritance for their family is whether or not the funds will be spent appropriately. It is a well-known fact that there have been many instances where someone has received a financial inheritance and has spent it poorly due to mismanagement of funds or other types of egregious spending.
If you have been wondering about whether or not there is a way to ensure that your family does not mishandle money you leave for them in your inheritance, rest assured that you have options, especially if you work with a reliable Orlando trust attorney who can guide you through the process of establishing a safety net for your inheritance.
What Should I Know When Setting Up a Trust?
When you establish a trust to delegate where your funds will be going as part of an inheritance for your family, it is important to know about the state taxes and laws that apply to your estate. Florida has its own set of rules for taxing inheritance and establishing financial beneficiaries since there is no separate state tax in Florida. Additionally, heirs in Florida pay no income tax on financial inheritance, since Florida does not consider inherited property or funds as income for federal income tax purposes.
Leaving an inheritance for your loved ones is an important way to ensure that your assets will be taken care of, and setting up controls on your trust may be a good way for you to feel better about the way your money is spent and your estate is utilized. Attorneys with experience in estate planning and trusts can help walk you through the process of creating guidelines around your inheritance.
How Should I Choose My Financial Trustee?
One of the most difficult decisions made when setting up a trust is deciding which individuals are going to be the beneficiaries. There are many different and challenging factors to consider in these circumstances, especially if you are considering leaving any amount of money to a family member or friend who has had financial issues in the past.
One of the best solutions is to work with a third party who will handle the distribution of funds and the inheritance as a whole. Someone who is a long-time family friend may be a wise choice, but it should always be someone you can trust to handle the complicated matter of allotting financial inheritance to family members. Many people find that working with an estate attorney helps them establish guidelines for the inheritance and allows trustees to have their questions answered by a legal professional.
What Are the Benefits of Creating a Trust for My Inheritance?
As we get older, it becomes more important to ensure that we leave behind something substantial for the ones we love. Being able to take care of our families is an important part of why many people choose to create trusts or go through estate planning.
One of the greatest benefits that come with establishing a trust for your inheritance is the peace of mind that it brings. Knowing that your money will be safely looked after and distributed to your loved ones is a relief to many people who are beginning to explore their options for financial trusts and other aspects of their estate.
When you work with an experienced estate planning attorney, you can dictate when and how funds are distributed to trustees. This can occur over a certain period of time, or it can happen all at once. For example, you could establish a trust to pay for your grandchild’s college tuition once a year for four years after they turn eighteen, or you could have them receive a lump sum after they graduate school or turn 21. The choice is up to you and your financial advisor.
Veteran Orlando Trust Attorneys Can Give You Peace of Mind
The process of establishing what to do with your inheritance can be complicated, but it doesn’t have to be. Work with a reliable trust attorney in Orlando and contact Patriot Legal Group. Our veteran-run firm of legal professionals can help you plan for your future while protecting your assets, valuables, and estate.
When you’re ready to start planning and protecting your funds for the future, reach out to us at 407-737-7222 or send us a message online to schedule your free consultation with one of our experienced attorneys.