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> continued from page 15 by a lawyer in the state in which you have your legal residence . In addition , that lawyer can prepare a Deed to transfer the out of state property into the Florida Trust .
For Canadian citizens , there are possible tax aspects to be considered before you create a Florida Trust . These should be discussed with your Canadian accountant or tax attorney . In general , you will have to weigh the tax consequences versus the money and time that your heirs would save by avoiding probate in Florida .
Another favorable factor in creating a Revocable Living Trust is that you can always amend the Trust without having to change the Deed . In addition , once you create the Trust , you can always buy new properties in any state in the name of the Trust .
The Revocable Living Trust is recommended by most lawyers over a Deed which includes names of other persons , either as joint tenants , tenants in common or a Life Estate Deed . Once another person ’ s name is on a Deed , there are potential risks to you and your property . These include the possibility that the other person may undergo a divorce , bankruptcy , have a judgment against that person , or die before you or with you in a common accident . It may also affect your homestead exemption . All of these risks should be discussed with your attorney before deciding to put someone else ’ s name on your Deed . By contrast , the Revocable Living Trust elimicontinued on page 18 >