Estate Planning

Most people hear “irrevocable trust” and assume the terms are frozen the day they sign. Estate planning attorney Tom Moss says that assumption costs families flexibility they don’t know they have. Florida law offers several ways to adjust an irrevocable trust after the fact. A trust protector can hold the power to amend certain terms when circumstances change, as long as the changes don’t violate tax rules. Florida statutes also allow modification through a court process, provided all beneficiaries are notified and a judge signs off. The third option, decanting, lets a fiduciary take a fresh look at a trust after someone has died and adjust it to fit a situation the original document never anticipated, like a beneficiary who’s since become disabled or fallen into addiction. When Revocable Becomes Irrevocable A revocable trust moves through three distinct phases. While the person who created it is alive and competent, they…

Key Takeaways A direct inheritance of just $2,001 can immediately disqualify a person with disabilities from SSI and Medicaid — two programs that have a hard $2,000 asset cap. Generally, there are three types of special needs trusts — first-party, third-party, and pooled — and choosing the wrong one, or drafting it incorrectly, can invalidate the entire structure. A third-party supplemental needs trust is the most common and most flexible tool for parents doing proactive estate planning — it requires no Medicaid payback and allows remaining assets to pass to other family members. A supplemental needs trust is only one piece of the plan. A complete picture also includes a trustee, a beneficiary’s advocate, a trust protector, and a guardian advocate working together. Planning should start as early as possible — there is no age too young — and the plan should be reviewed every two to three years, or…

One number determines whether a disabled beneficiary keeps their government benefits or loses them entirely. That number is $2,000. Exceed it in countable resources by even one dollar, and SSI and Medicaid eligibility disappears. Most families don’t learn this until the damage is already done. Why a Direct Inheritance Can Do More Harm Than Good The instinct to leave money directly to a child with special needs comes from love. It also tends to backfire. When a parent names a disabled child as a direct beneficiary on a life insurance policy or in a will, that inheritance counts as a resource. A $400,000 payout lands in the beneficiary’s name, pushes them past the $2,000 threshold, and terminates their benefits on the spot. The family then faces the far harder work of rebuilding eligibility from scratch, with fewer options than they had before. A supplemental needs trust solves this before it…

???? Key Takeaways Choosing a trustee based on love alone is one of the most common — and costly — mistakes families make. A good trustee must be organized, financially savvy, compassionate, fair, firm, and available. Family member trustees can work beautifully in functional families, but can devastate relationships when dynamics are already strained. Professional (corporate) trustees are often the smarter choice when conflict is likely. Florida’s diverse communities — including many families in Orlando, Winter Park, Windermere, and across Orange, Seminole, Lake, and Osceola Counties — face a specific pitfall: naming a non-citizen trustee, which can trigger serious tax consequences. Clear “rules of the road” written into the trust document give trustees documented authority to say no — and protect them from being blamed personally for doing so. Successor trustees, professional support teams, and honest conversations about beneficiary weaknesses are all essential parts of getting trustee selection right. Introduction…

Key Takeaways A will always goes through probate, even if it’s simple—while a properly funded trust can avoid court altogether. Your personal situation determines the best tool: beneficiaries, assets, and family dynamics all influence the choice between a will or trust. Trusts offer privacy and control, making them a strong choice for complex estates or families with special needs. Estate planning is not one-size-fits-all: in Florida, local laws like homestead protections can complicate matters if not handled properly. Regular updates are crucial: outdated or unfunded documents can undo your best-laid plans. Introduction Thinking about your estate plan can feel overwhelming—especially when you’re trying to decide between a will or a trust. If you’re in Central Florida—anywhere from Orlando and Winter Garden to Windermere or Dr. Phillips—you’re not alone in asking: Which option is right for me? In this episode of Life, Legacy, and Wealth, estate planning attorney Tom Moss of…