Miami, FL asked in Contracts and Estate Planning for Florida

Q: Which Trust provides what I'm looking for ?

Hi there,

I will collect an "inheritance" I guess in the amount of 3 Million more or less after taxes. I want to create some sort of Trust to prevent my identity being revealed to my family and friends but I don't want to do just that. I want a trust that I can name it however I please and won't show my name to the public. A trust that I could pay myself upfront $920K cash and the remaining 2 Million pay myself $2K weekly for the next 20 years. Which trust can provide all this? Also, I want that all money, documents etc be through me, that only requires my signature and approval before anything, I want to know everything about everything, what do you advice for me? Thank you so much in advance and sorry for the long question, I wanted to explained myself thoroughly.

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1 Lawyer Answer
Richard Paul Zaretsky
Richard Paul Zaretsky
Answered
  • West Palm Beach, FL
  • Licensed in Florida

A: Generally, trusts are not public documents. If you have a trust, no one of your family members needs to know, unless you tell them.

The purpose of a trust can be quite varied. If all you are trying to do is hide this inheritance from your family, then isn't it enough to just not tell them? If you are speaking about a spouse however, then you have to consider income tax reporting and if you are filing a joint tax return, your spouse would have the opportunity to discover the income from the inheritance (dividends, interest, etc).

You need to sit down with a professional to first determine what it is you are trying to accomplish. Once that is understood, the options open to you to meet your goals will be easier to determine.

Terrence H Thorgaard agrees with this answer

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