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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 eliminates those risks, since no other name is on the
Deed. You simply transfer it from yourself to yourself
continued on page 18 >