Trust me?

4 Replies

Hi, I hope this is OK to post here, and the right forum. I'm wanting to get my finances in order, and looking for suggestions (other than go see an attorney :)).

I think I want to put my properties into a trust, and get them out of my name. I understand that should the worst happen, my kids can be beneficiaries much easier \ less tax impact. I'm sure some here do that, any advice for doing it in FL? Is there an attorney some have used here to setup the trust? Does it affect things if you have a lien on the property? Does it stop you from refinancing the property if it is a trusts name? Does it also provide similar separation like a LLC does?

Thanks for any suggestions.

@Jesse O.  in the fileplace they have some sample trust. In general you need to incorporate this into an estate plan that in all inclusive. There are a million ways of doing things for a million situations. However in general most trust provide no true asset protection, some people buy each house in its own trust so it doesn't appear you own  so much and therefore the theory is your less likely to get sued in the first place. 

Thanks @Jeremy Tillotson! Wow I didn't even notice that section of the site before, I'll have to poke around there more when I have some time, thanks for that!

I think you are right that I really just need a full estate plan that includes asset protection though, it just sounds daunting.

Anyone in FL have a recommendation on someone local to Tampa to work with? I assume it's some sort of estate lawyer? That sounds expensive!

@Jesse O.  I'm an attorney in Tampa and work with a team of estate planners that could help you. PM me if you want more info.

I went to the local library and read up on a lot of these issues and what the authors recommend.  I think it will make it easier when we finally do sit down with a lawyer and finalize our plans.  We're in a transition phase right now, and while forming the trust seems easy, actually making sure you transfer the assets into it is key, so we're waiting until we get settled and make sure we do it correctly.  

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