Florida residents who are using trusts as a part of their estate plan may want to change those trusts in light of new laws. Since 2013, federal income tax laws have changed so that the highest marginal rate is at a far lower adjusted gross income threshold for trusts than it is for individuals. As a result, it might be necessary to alter the terms of the trust so that the tax is assessed on the grantor or the trust’s beneficiaries.

The financial outlook of various industries does not remain static, and in some cases, people may want to review the assets and investments they have placed in trusts. What once seemed a safe investment may no longer be.

Another change is that courts and state legislatures have been making it easier to change some aspects of a trust. It might be possible to make some necessary changes to an irrevocable trust or fix misleading language. Even people who have been told in the past that it was not possible to make such changes should look into it again.

Trusts can be a valuable aspect of estate planning, and grantors might set up a charitable trust, a special needs trust or some other type of trust depending on their financial circumstances and goals. It is best to review not just trusts but all estate planning documents regularly. People should also remember that they might need to change beneficiaries on retirement accounts and other investments if they have married, divorced or had children. Creating an estate plan may also mean setting up a plan in case of incapacity, such as creating a power of attorney under which a trusted individual would make financial decisions for the grantor in such an event.