One of the most critical estate planning tools you require is a Florida revocable living trust in Broward County. This type of trust allows you to make the necessary changes in the future, which irrevocable trusts do not allow. This means you can add or remove beneficiaries, change assets or instructions, or end the trust entirely as long as you live. When you work together with The Millman Law Group, you guarantee that your revocable trust operates precisely how you want. Aaron D. Millman, Esq., CPA, established The Millman Law Group to provide Broward County residents with the patient and informed guidance they require. Call us today to start planning your estate and learning more about what revocable living trusts can do.
How a Revocable Living Trust Can Fit Within Your Estate Plan
Your estate planning lawyer will certainly recommend you create a Florida revocable living trust. Revocable living trusts are quite versatile, which can be very valuable. The title ownership is changed when you move an asset into this trust. Instead of being under your name, the asset is now owned by the trust.
As long as you live, you are the trustee unless you designate someone else. In the instance of incapacity or your death, a successor trustee is appointed on your behalf. You may also need a will in addition to your revocable living trust. Because your trust is in your name, it may be at risk from creditors and cannot offer tax advantages while you live.
Why Are Florida Revocable Living Trusts Worth It?
There are many substantial reasons why it is worthwhile to establish a Florida revocable living trust in Broward County. For instance, a living trust can help you:
- Avoid Probate Court: this happens because assets are named under your trust instead of your name.
- Avoid Guardianship Court: No guardianship of property is needed if your assets are titled under your trusts.
- Protect Assets for Beneficiaries: You can add a “spendthrift provision” to protect your trust from potential creditors.
- Avoid Guardianship Court for Minors: If a minor inherits more than $15,000, a guardian must be appointed. You can avoid this complex process when you place the inheritance in your trust.
- Protect People with Special Needs and Government Benefits: If a beneficiary receives Medicare or government benefits, the inheritance counts against them when qualifying for those benefits. By using a special needs trust, you supplement their benefits rather than eliminate them.
- Retain Control After Your Death: Your living trust will help you decide how your assets are distributed. You can choose whether a trust distributes assets immediately, makes periodic distributions, or holds assets until recipients are of age.
A Florida revocable living trust in Broward county is an excellent idea if you have assets that might normally go through probate. It can also be an ideal solution if your beneficiary is a minor or incapable of managing large amounts of money. No matter how you want to distribute assets after your passing, a revocable living trust can guarantee that your wishes are honored.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Broward County
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.