Trusts are wonderful estate planning techniques because, depending on the type of trust used, a trust can reduce estate taxes, protect assets from the creditors of the beneficiaries, ensure proper investment and management of assets, and reduce income taxes under certain circumstances.
The lawyers of Clark Skatoff PA have experience establishing the following types of trusts:
- Dynasty Trust, in which assets are preserved and protected for multiple generations
- Life Insurance Trust, in which life insurance proceeds are removed from the settlor’s taxable estate and are held and invested for the benefit and safety of the beneficiaries
- Grantor Retained Annuity Trust (“GRAT”) which is a technique to pass assets to beneficiaries at a reduced gift or estate tax cost
- Living Trust, which holds assets for the lifetime benefit of the settler, but allow a backup trustee to administer the assets upon the incapacity of the settler, avoiding guardianship and the problems that exist with a power of attorney or jointly titling assets.
The attorneys at Clark Skatoff PA also represent the trustees on numerous trusts in fulfilling their fiduciary and administrative duties to the beneficiaries. We also serve as the trustees on trusts for a select number of our clients. Information regarding administration of a trust.
To learn more about establishing a Dynasty Trust, Life Insurance Trust, Living Trust or other type of trust, or if you have questions regarding the administration of a trust, please contact Florida law firm Clark Skatoff, PA, at (561) 842-4868.
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