Specialty trusts are used in distinct circumstances. They can be used for many things including to provide for spouses, heirs with disabilities, those with a history of financial irresponsibility, and charities. Other uses include to enable an individual to qualify for government benefits, provide for family pets, to protect real estate, to protect against misuse, misappropriation or forfeiture of assets or other unique or extraordinary situations.
A pet trust is a legally sanctioned arrangement providing for the care and maintenance of one or more companion animals in the event of a grantor’s disability or death. Because most trusts are legally enforceable arrangements, pet owners can be assured that their directions regarding their companion animal(s) will be carried out.
A charitable trust is an irrevocable trust established for charitable purposes. A charitable trust enjoys a varying degree of tax benefits. It also generates good will.
A Generation-skipping trust offers tax advantages through the ability to bypass a generation when leaving assets to heirs. A person may leave an inheritance to his grandchild without ever transferring ownership of the assets to the child’s parents. Upon the death of the skipped generation, the assets pass tax-free to the child.
A special needs trust is a specialized trust that allows a disabled beneficiary to enjoy the use of property that is held in the trust for his or her benefit, while at the same time allowing the beneficiary to receive essential needs-based government benefits.
A Qualified Income Trust (or "QIT" or Miller Trust) is a mechanism to qualify for benefits when one's income exceeds the income limit for Medicaid (currently $2,382.00 per month in FL). This instrument is designed for those over the income limit, but who do not receive enough monthly income to pay for their nursing care facility costs.
Please call us for more information on any of these Special Trust. (561) 891-1294