Wills, Probate

Trusts, Estate Planning

210 South Beach Street, Suite 202
Daytona Beach, FL 32114
(386) 257-3332

Personal Representative

What a wonderful, professional Attorney my family and I found in Heidi Webb! For years, we put off creating a formal will and medical directives, but COVID-19 was the wake up we needed. I knew that we could no longer procrastinate. I searched around town and made a few phone calls and decided on Heidi’s firm. Everything went smoothly. In our first phone conversation, she shared valuable information about things that I never knew or considered. I really appreciated the advice. Her assistant, Molly was also very helpful. Heidi provided all the forms we needed to protect our family and property as well as our medical wishes. The process did not take long and was done via telephone, email, mail, and video conferencing. We could have gone into her office to complete the process, but we chose to use these methods due to COVID-19 restrictions. I am so thankful to Heidi and her team for their help getting things in order for our family. I consider her to be trustworthy and highly ethical. Based on our experience with Heidi and her team, I also consider her to be warm and welcoming with all varying types of people and cultures. Thanks again Heidi and Team!

~ Cecile B

Heidi and her staff are most professional and extremely compassionate! She handled my needs quickly and thoroughly! Would highly recommend- and in fact have many times!

~ Judi S

Trusts

Everyone, regardless of age, needs to take time to consider how they want their property and money divided in the event of his or her death. There are so many options it can seem overwhelming. Why do I need a Will? Do I need a Trust? What’s the difference between a Revocable and Irrevocable Trust? Do I need to consider a Special Needs Trust?   Someone told my Mom she needs a Qualified Income Trust? What should I do? With a visit to an Estate Planning attorney, you can come up with the best plan for your individual situation and your family. An experienced attorney can walk you through the Estate Planning process and help you come up with the best way to ensure your family gets the most out of your estate. Many of the options can help reduce tax liability, avoid probate and reduce expenses and limit other issues that may be encountered while settling an estate.

 

Kinds of Trusts

 
  • One of the more popular options is the Revocable Trust. Also known as a Living Trust or a Family Trust, it is effective in avoiding probate and reducing tax liability at death. Advantageous over the traditional Will, it enables you to manage your own assets during lifetime then ensure appropriate distribution after your death. You can serve as the Trustee of your Trust assets or you may appoint another person or agency as Trustee. This kind of Trust is labeled as revocable because you may make changes or completely terminate the Trust as long you live, providing you are not deemed incapacitated.
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  • A Special Needs Trust gives those who are disabled the opportunity to exclude certain income and assets from impacting eligibility for specific government benefits that are based on need, such as Medicaid which is designed to cover medical expenses. These Trusts provide disabled people with the chance to maintain savings to supplement their government benefits in the event they fall short of true need. In some situations, the government is repaid at the time of the disabled individual’s death.
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  • An Irrevocable Trust puts more authority in the hands of the person who will benefit at the time of your death. Changes cannot be made to this particular kind of Trust without the consent of the beneficiary. Once you move assets into the Trust, you have given up your rights of ownership and transferred them to the beneficiary. This kind of Trust removes the Trust’s assets from your taxable estate when you die.
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  • The final kind of Trust is the Qualified Income Trust. This Trust enables those individuals who have a monthly income in excess of $2,163* to qualify for Medicaid nursing home benefits to cover the costs of long-term skilled nursing care. Without this particular Trust established, the individual will not qualify for Medicaid coverage and would be responsible for their own long-term care expenses.
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To learn more about Trusts or Estate Planning in the Daytona Beach area, call Heidi Webb today for a free consultation to discuss whether a Trust should be something you consider adding to your Estate Plan.

 

*2014 limit

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