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What Qualifies as a Complex Trust?

Estate Planning Lawyer in Fort Myers

All trusts must be classified as either simple or complex trusts for the purpose of paying federal income taxes. According to the IRS, a complex trust is a trust that does not classify as a simple trust. This means that is contains provisions in regards to charitable gifts, an income stream, or discusses other types of wealth distribution. A trust may start out as simple, but if the trustee does not handle a trust's income in a proper manner, a trust can become complex. During a tax year, a complex trust must retain some current income within the trust, provide certain amounts of money for charitable gifts to be paid that are permanently set aside from the other assets within the trust, or distribute the amount allocated to the principal of the trust.

Simply stated, a complex trust does not require its assets or funds to be paid out immediately. It can gain income for as long as the trust creator, or grantor, finds necessary. Although simple trusts often receive a higher amount of tax deduction at the end of the year, making fewer taxes owed overall, trust types can change from year to year. If a complex trust follows certain rules, it may become a simple trust. If you have any questions regarding complex planning, please contact a Ft. Myers probate attorney from our firm.

A Complex Will

Complex wills are only needed under certain circumstances. An estate planning attorney may suggest that you create a complex will if your assets total over a certain amount that would qualify them for estate taxes. If you have a child with special needs, and wish to establish a special needs trust, you may also wish to create a complex will. For those who own their own business or have a joint will with a spouse may also decide that a complex will may be appropriate. If a previous spouse exists, if you expect to accumulate more assets, or if you wish to establish a trust that gives your children a certain amount of money at a specific age, a simple will may not be sufficient.

Are you a resident of Lee County with complex will questions or concerns?

Our attorneys at The Dorcey Law Firm, PLC, understand how confusing creating wills and trusts can be. You may only wish to establish certain types of trusts, as well as create a simple or complex will. We may advise you as to which types of trusts and wills are appropriate for you and your family, so you can rest assured knowing that your loved ones will be taken care of after you pass. Please contact our office to schedule an in-office meeting, or fill out a free case evaluation.

dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169