ARE TRUSTS ONLY FOR THE SUPER-RICH?
                                                             
By Robert J. Myers, Esq.

While it is true that you should have a fair amount of assets before you consider setting up
a trust, a trust is no longer the province of the "super-rich."

Simply stated, a trust is a legal document that makes it possible for you to put aside some of
your money and direct how it will be used upon your death or in some form of trust, while you're
alive. A trust may also ease your tax bite.
         
A trust generally offers several advantages: among them, the assets don't have to go
through probate, which saves time and money. Additionally, you may be able to maintain control
over the trust assets while you're alive and capable; sick and incapable; or as part of an estate plan
at your death.

Many individuals and families have found that trusts offer a number of interesting financial
planning opportunities. Even where your estate plan calls for all the assets of the first-to-die spouse
to pass to the surviving spouse under the unlimited marital estate tax deduction, significant estate
tax may be due on the death of the surviving spouse. Proper use of carefully drafted non-marital
trusts for the benefit of the surviving spouse and/or children may keep these assets out of the
surviving spouse's estate and reduce the overall tax bite on the estate plan.
         
So-called "living trusts" have become very popular with those interested in avoiding the
expense, delay and publicity of probate; while allowing the grantor to maintain control over the
trust assets during his or her lifetime, if capable and competent.

The type of trust you use depends on your personal situation and the advice you receive
from a legal expert. Since there are many types of trusts, only a complete evaluation of your
family's needs will determine which trust should be used.

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Robert J. Myers is managing attorney of the Estate and Trust Division of  Maney l Gordon P.A.,
located at 1135 Pasadena Avenue South, Suite 140, St Petersburg, Florida. The telephone number
is 727-347-5131.  Mr. Myers welcomes calls regarding this article and other related legal topics. 
This column outlines general legal principles and is not intended to give you legal advice. 
If you have a specific question about the law, please consult an attorney.  

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