A revocable living trust for real estate is a legal arrangement commonly used in Hillsborough County, Florida, to hold and manage real property assets during a person's lifetime and ensure a smooth transfer of ownership upon their death. This trust provides individuals with greater control and flexibility over their properties, allowing them to make changes, add or remove assets, and even dissolve the trust if desired. Hillsborough County, located in Florida's vibrant Tampa Bay area, offers several types of revocable living trusts for real estate that cater to different needs: 1. Individual Revocable Living Trust: This is the most common type of trust, designed for an individual person to hold their real estate assets. With this trust, the individual acts as the trust or (also known as granter), setting up the trust and transferring the selected properties into its ownership. The trust or retains complete control over their assets, including the authority to amend or revoke the trust during their lifetime. 2. Joint Revocable Living Trust: Married couples or domestic partners may opt for this type of trust to jointly hold their real estate properties. In a joint trust, both partners act as trustees and transfer their assets to the trust. This arrangement ensures seamless asset management while allowing each partner to retain control over the properties during their lifetime. 3. Family Revocable Living Trust: This trust is designed for families wishing to hold their real estate assets jointly, including parents, children, and other relatives. By establishing a family revocable living trust, family members collectively designate the assets they wish to include, creating a centralized entity for managing and transferring the properties within the trust. 4. Corporate or LLC Revocable Living Trust: For individuals who own real estate through a corporate entity or limited liability company (LLC), this type of trust allows them to transfer the ownership of those entities to the trust. It facilitates streamlined asset management and succession planning while providing the individual with the control and flexibility of a revocable trust structure. Hillsborough County, Florida, recognizes and legally governs the establishment and administration of these revocable living trusts for real estate. Individuals seeking to create such trusts should consult with experienced estate planning attorneys to ensure compliance with state laws and to customize the trust to their specific needs and goals.
Hillsborough Florida Revocable Living Trust for Real Estate
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Assets That Can And Cannot Go Into Revocable TrustsReal estate.Financial accounts.Retirement accounts.Medical savings accounts.Life insurance.Questionable assets.
We recommend living trusts to our clients because of the tremendous benefits they offer over wills, the more traditional estate planning tool. The biggest benefit of using a living trust instead of a will is that living trusts avoid probate. Probate is the court process by which wills are executed.
Drawbacks of a Living TrustPaperwork. Setting up a living trust isn't difficult or expensive, but it requires some paperwork.Record Keeping. After a revocable living trust is created, little day-to-day record keeping is required.Transfer Taxes.Difficulty Refinancing Trust Property.No Cutoff of Creditors' Claims.
Here's a good rule of thumb: If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you.
To help you get started on understanding the options available, here's an overview the three primary classes of trusts.Revocable Trusts.Irrevocable Trusts.Testamentary Trusts.More items...?
A Florida revocable living trust is a legal fiction. While you are alive, you and the living trust are one and the same. For the assets titled under your living trust, you will file your income taxes on your same tax return as you would do with any other asset that is giving you income.
Establishing a trust requires serious legal help, which is not cheap. A typical living trust can cost $2,000 or more, while a basic last will and testament can be drawn up for about $150 or so.
Some of the Cons of a Revocable TrustShifting assets into a revocable trust won't save income or estate taxes. No asset protection. Although assets held in an irrevocable trust are generally beyond the reach of creditors, that's not true with a revocable trust.
Which Trust Is Best For You: Top 4Revocable Trusts. One of the two main types of trust is a revocable trust.Irrevocable Trusts. The other main type of trust is a irrevocable trust.Credit Shelter Trusts.Irrevocable Life Insurance Trust.
The primary benefit of creating a revocable trust is that it provides a prearranged mechanism that will ensure the continued management and preservation of your assets, should you become disabled. It can also set forth all of the dispositive provisions of your estate plan.