A Florida revocable living trust in Boca Raton allows you to make changes to your trust as you choose, compared to irrevocable trusts, which cannot be changed for any reason. This means that as you live, you can add or remove beneficiaries, change assets, change instructions, or end the trust entirely. When you work with an estate planning lawyer from the Millman Law Group, you guarantee your revocable trust is precisely how you want it to be. Aaron D. Millman, Esq., CPA, has built a team equipped to help you navigate the complexities of estate planning. Every client receives patient, consistent, and professional services that enable them to make the best decisions for their estate and beneficiaries.
How Revocable Living Trusts Work With Estate Planning
When estate planning with your lawyer, a Florida revocable living trust is often recommended. Revocable living trusts are the most flexible trust option available, and that flexibility is highly valued, especially when many parties are involved. When you put an asset into a revocable living trust, it changes the title to the asset for legal purposes. Instead of being under your name, it is under the name of your trust.
During your lifetime, you will be the trustee unless you designate someone else. Upon incapacity or death, a successor is appointed to administer your trust on your behalf. It is important to note that you may still require a will in addition to your revocable living trust. Additionally, because your trust is in your name during your life, it may still be at risk from creditors and does not offer tax advantages during your lifetime.
Why Consider a Florida Revocable Living Trust?
There are six primary reasons why establishing a Florida revocable living trust in Boca Raton can be worthwhile. A living trust can be beneficial because it helps you:
- Avoid Probate Court: When you die, the asset will not be under your name but under the name of the trust.
- Avoid Guardianship Court: If all of your assets are tilted under the trust, no guardianship of the property is needed. Instead, the successor trustee will administer assets.
- Have Control After Your Death: Your living trust helps you dictate how your assets will be distributed. You can decide that your trustee will immediately distribute assets, make distributions periodically, or hold assets until your children reach a certain age.
- Avoid Guardianship Court for Minors: When a minor is left an inheritance of more than $15,000, they need a guardian appointed. When you place the inheritance in your trust, you avoid the expensive and complicated guardianship process.
- Protect Assets for Beneficiaries: You can add a “spendthrift provision,” which protects against creditors.
- Protect Individuals with Special Needs or Government Benefits: If one of your beneficiaries receives Medicare or government benefits, the inheritance will be counted against them when qualifying for those benefits. When you add a special needs trust, you supplement those benefits rather than eliminate the need for them.
A Florida revocable living trust in Boca Raton may be a great idea if you have assets that would typically pass through probate. It may also be an excellent solution if your beneficiary is a minor or may not be capable of handling significant sums of money. No matter how you want to distribute your assets after your death, a revocable living trust can help ensure that your wishes are followed.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Boca Raton
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.