A Florida Irrevocable Trust for Future Benefit of Trust or with Income Payable to Trust or after Specified Time is a legal instrument that allows an individual (trust or) to set aside assets for their future benefit while also providing them with income after a specified time period. This type of trust in Florida is designed to secure the trust or's assets, preserve them for future use, and generate income during a specific timeframe. There are various types of Florida Irrevocable Trusts for Future Benefit of Trust or with Income Payable to Trust or after a Specified Time, each catering to specific needs and preferences. Some common types include: 1. Income Only Irrevocable Trust for Future Benefit of Trust or: This trust permits the trust or to receive income from the trust's assets after the specified time. The principal remains untouched, ensuring its preservation for future beneficiaries. 2. Charitable Remainder Irrevocable Trust for Future Benefit of Trust or: This type of trust allows the trust or to receive income from the trust's assets for a specified time period, and after that, the remaining assets are transferred to a charitable organization or foundation. 3. Qualified Personnel Residence Trust (PRT): A PRT enables trustees to transfer their primary residence or vacation home into an irrevocable trust, retaining the right to live in the property for a specified time. Upon the expiration of the trust, the property passes to the beneficiaries. 4. Granter Retained Annuity Trust (GREAT): This trust lets the trust or transfer assets into the trust while retaining the right to receive fixed annuity payments for a specified period. When the trust expires, the remaining assets pass to the beneficiaries. Grants are commonly used to minimize gift and estate taxes. 5. Irrevocable Life Insurance Trust (IIT): In this trust, the trust or transfers life insurance policies into the trust, removing them from their estate. After a specified time period, the insurance proceeds are distributed to the beneficiaries free from estate taxes. 6. Dynasty Trust: A dynasty trust is created to provide for multiple generations of beneficiaries while minimizing estate taxes. The trust keeps the assets within the family and provides income to the trust or during a specified period. 7. Special Needs Trust (SET): An SET is established to care for individuals with special needs while ensuring their access to government benefits. The trust allows the trust or to provide supplemental income for the beneficiary without disqualifying them from assistance programs. Remember, the specific regulations and requirements may vary, so it is crucial to consult with an experienced attorney or financial advisor to determine which type of Florida Irrevocable Trust for Future Benefit of Trust or with Income Payable to Trust or after Specified Time best suits your needs and goals.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.