A Florida revocable living trust in Boynton Beach is a crucial estate planning tool. This type of trust helps you make any necessary changes, which irrevocable trusts do not permit. This means that while you still live, you can add or remove beneficiaries, change instructions and assets, or end the trust altogether. When you work with The Millman Law Group, you guarantee that your revocable trust operates precisely how you want it to. Aaron D. Millman, Esq., CPA, leads a team prepared to help you navigate complicated estate planning tasks. Every client receives consistent and professional services that enable them to make informed decisions for their estate and their heirs.
How Revocable Living Trusts Fit Within Your Estate Plan
Your lawyer will recommend a Florida revocable living trust as you start estate planning. Revocable living trusts are the most versatile trust option, which can be highly valuable. When you move an asset into a revocable living trust, the title ownership is changed for legal purposes. Instead of being under your own name, the asset will be owned by your trust.
During your life, you are the trustee unless you designate another person. In the case of incapacity or death, a successor is appointed to operate the trust on your behalf. You may also require a will in addition to your revocable living trust. Because your trust is in your name during your lifetime, it may be at risk from creditors and will not offer tax advantages while you live.
The Reasons to Consider a Florida Revocable Living Trust
There are several significant reasons why establishing a Florida revocable living trust in Boynton Beach can be worthwhile. A living trust will help you:
- Avoid Probate Court: The asset is not under your name but under your trust.
- Avoid Guardianship Court: No guardianship is required if your assets are titled under a trust. Instead, the successor trustee administers assets.
- Retain Control After Death: Your living trust helps you dictate how your assets are distributed. You can decide that your trustee distributes assets right away, makes periodic distributions, or holds assets until your children grow up.
- Avoid Guardianship Court for Minors: A guardian must be appointed when a minor receives an inheritance greater than $15,000. You avoid the complex guardianship process when you place the inheritance in your trust.
- Protect Assets for Beneficiaries: Adding a “spendthrift provision” protects your trust from creditors.
- Protect People with Special Needs or Government Benefits: If one of your beneficiaries receives government or Medicare benefits, the inheritance is counted against them when qualifying for benefits. By adding a special needs trust, you supplement that person’s benefits rather than eliminate the need for them.
A Florida revocable living trust in Boynton Beach is an excellent idea if you have assets that would typically go through probate. It can also be a great solution if your beneficiary is a minor or incapable of managing significant sums of money. No matter how you wish to distribute your assets after death, a revocable living trust can guarantee that your wishes are honored.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Boynton Beach
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.