Essential Florida Asset Protection and Estate Planning Strategies: Part II
In the first installment of this two part series, we began discussing the plethora of estate planning and asset protection options Florida law has for its citizens to take advantage of. Different tools serve different needs, and many options exist to help every Floridian safeguard their hard-earned assets. Today, we continue the conversation and further discuss even more tools that can help you to secure your legacy, and ensure it is managed according to your wishes, even after you are gone.
This article will include a general discussion on charitable trusts, the Homestead Exemption, and LLCs. However, there is much more to discuss than just these items, and even those we do touch on are not explored in the depth and detail necessary to fully understand what may work best for you in your particular circumstances. Speak with an experienced wills and probate lawyer at Suncoast Civil law to more fully understand all of the options available to you, and to chart your best course forward.
Charitable Trusts
Charitable trust options in Florida offer estate planners unique benefits, as well as the opportunity to support charitable causes. Many philanthropic billionaires maximize these options and accomplish a lot of good in the world, feeding their lasting legacy.
There are different types of charitable trust, including:
- Charitable Remainder Trust (CRT): A CRT will allow you to donate designated assets to a charitable trust while retaining an income stream for yourself, or your designated beneficiaries, for a specified term (to include life). CRTs offer Floridians many benefits, including the potential for multiple tax incentives. Speak with one of our expert attorneys to learn more.
- Charitable Lead Trust (CLT): CLTs will allow you to donate assets to a charitable trust and provide income to a charitable organization for a specified term (including life). Using CLTs can be a smart move if an estate planner is trying to support charitable causes, and potentially reduce the taxable value of an estate. After the term of the trust expires, any remaining assets can pass to designated beneficiaries. In practice, this can be a successful way to transfer wealth to heirs and support charitable causes. Again, speak with a dedicated wills & probate lawyer for further details.
- Donor-Advised Fund (DAF) A DAF is administered by a public charity and allows you to make tax-deductible contributions. This can allow Floridians to consolidate charitable giving, reap immediate tax benefits, and support worthy charitable causes.
LLCs in Florida
You can protect business assets in Florida as well. Limited liability companies, or LLCs, can be another useful asset protection tool that an experienced wills & probate attorney can aid you with. Individuals can structure an LLC to include business ventures and other assets, and effectively shield personal assets from liabilities relating to business operations.
LLCs offer diverse additional benefits as well, our experienced team would be happy to help strategize a plan to best handle your own unique portfolio.
- Maximizing the Homestead Exemption
The Homestead Exemption, provided for in the Florida constitution itself, offers unparalleled protection to homeowners and shields their primary residence from certain creditor claims. The homestead can be of any value, and protects the homeowner against a forced sale of their primary residence to satisfy certain debts. By capitalizing on Florida’s homestead exemption, you can ensure that your home is preserved for both yourself – and your loved ones. Contact our team to learn more.
Contact Suncoast Civil Law
Learn more about estate planning and asset protection: engage with the knowledgeable Sarasota wills & probate attorneys at Suncoast Civil Law today.
Sources:
cnn.com/2024/06/28/investing/warren-buffett-gates-donation/index.html
forbes.com/sites/jayadkisson/2024/03/13/a-primer-on-creditor-exemptions/