Trust & Estate Planning in Sarasota

A will directs distribution of your assets through probate, which is a court-supervised process that is public, can be time-consuming, and involves administrative costs. A revocable trust, when properly funded (meaning assets are retitled into the trust), avoids probate entirely, provides management during incapacity without court intervention, and maintains privacy. For Sarasota families with assets in multiple states, multiple account types, or family members who live far away, a revocable trust generally provides meaningful advantages. Your FinancialTeam evaluates your specific situation and coordinates with your estate attorney. This is general information; consult with a Florida estate attorney for guidance specific to your circumstances. Learn more

A Charitable Remainder Trust (CRT) allows you to transfer appreciated assets into an irrevocable trust that pays you (and/or your spouse) income for a term of years or for life. At the end of the term, the remaining trust assets pass to the charitable organization(s) you designate. You receive a partial charitable deduction in the year the CRT is funded, capital gains on contributed assets are deferred, and the trust is tax-exempt (it does not pay tax on investment gains within the trust). Income paid to you is taxed based on a tiered system. CRTs can be structured as annuity trusts (fixed payment) or unitrusts (percentage of trust value, which fluctuates). Your FinancialTeam coordinates CRT design with your tax and estate plan. CRT outcomes depend on trust terms, investment performance, and applicable tax law.

Your estate plan should designate a healthcare surrogate (for medical decisions), a durable power of attorney (for financial decisions), and a successor trustee for any trust you have established. If your children live far away, naming a local professional (such as a trust company or professional fiduciary) as a co-trustee or backup ensures someone with local presence can act promptly. Your FinancialTeam continues to coordinate your financial affairs during incapacity, working with your designated agents and professionals. These designations should be reviewed periodically and updated if your preferences or circumstances change.

Florida's Community Property Trust Act (effective July 1, 2021) allows married couples to opt into community property treatment for assets held in the trust. The primary benefit is a full step-up in basis on both halves of the community property at the first spouse's death. In a traditional separate-property state like Florida, only the deceased spouse's half receives a step-up. For a couple with a $4M portfolio and $2M in unrealized gains, a Community Property Trust could eliminate the surviving spouse's capital gains exposure on the entire portfolio. The trust must be properly drafted, both spouses must consent, and the assets must be contributed during both spouses' lifetimes. Tax benefits depend on individual circumstances and applicable law. Your FinancialTeam evaluates this option within your overall plan.

Estate documents should be reviewed at least every three to five years, and promptly after any significant life change: the death of a spouse, the death or incapacity of a named fiduciary, a significant change in assets or income, a move to a new state, remarriage, the birth of a grandchild, changes in tax law (such as exemption adjustments), or changes in your intentions. Your FinancialTeam monitors relevant legislative changes and prompts reviews when your plan may be affected. Learn more