Trusts can be revocable or irrevocable. A revocable trust offers flexibility with the ability to amend, revoke or terminate any aspects of the trust during the grantor’s life. A revocable trust may be appropriate for you depending on the nature of your assets, how you want your assets distributed, and whether you have family members who need specific protection.

You may want to consider a revocable or irrevocable trust based on:

• The nature of your assets: If you hold real estate in various states or hold assets large or diverse, or you have beneficiaries that have special needs or need specific protections going forward in their lives.
• Protection in the event of incapacitation: The trust has an added benefit of creating a vehicle for the protection of your financial affairs and assets during your life in the event you become incapacitated and can no longer handle your affairs.
• Providing assets to a family member with special needs: A special needs trust is a special type of trust that can be used to provide assets to a disabled person without making them ineligible for government benefits such as Medicaid.
• Minimization of estate taxes: If the estate tax goes back into effect in 2011, many Florida families will be affected by estate taxes. Devices such as personal residence trusts and irrevocable life insurance trusts can remove assets from your estate and minimize or eliminate estate taxes.