A Florida revocable living trust in Delray Beach is a valuable estate planning tool. This type of trust allows you to make changes to your trust as you choose, which irrevocable trusts do not allow. This means that when you’re alive, you can add or remove beneficiaries, change instructions, alter assets, or end the trust entirely. When you work with your estate planning lawyer from 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 complex estate planning. Every client receives consistent, patient, and professional services that enable them to make informed decisions for their estate and heirs.
How Revocable Living Trusts Fit Into Your Estate Plan
When estate planning, your lawyer will likely recommend a Florida revocable living trust. Revocable living trusts are the most versatile trusts available, and that versatility can be highly valuable, especially when many individuals are involved. When you place an asset into a revocable living trust, it changes the title to the asset for legal purposes. Now, instead of being under your name, the asset is under the name of your trust.
During your lifetime, you are the trustee unless you designate someone else. In the incident of incapacity or death, a successor is appointed to administer the trust on your behalf. It is critical to note that you may also require a will in addition to your revocable living trust. Because your trust in your name during your life, it may also be at risk from creditors and will not offer tax advantages during your lifetime.
Why Should You Consider a Florida Revocable Living Trust?
There are six significant reasons why establishing a Florida revocable living trust in Delray Beach can be worthwhile. A living trust helps you:
- Avoid Probate Court: The asset will not be under your name but under your trust.
- Avoid Guardianship Court: If your assets are titled under a trust, no guardianship of the property is required. Instead, the successor trustee will administer assets.
- Retain Control After Your Death: Your living trust helps you dictate how your assets are distributed. You can decide that your trustee will distribute assets right away, make distributions periodically, or hold the assets until your children reach an older age.
- Avoid Guardianship Court for Minors: A guardian must be appointed when a minor receives an inheritance of more than $15,000. When you place the inheritance in your trust, you avoid the complicated guardianship process.
- Protect Assets for Your Beneficiaries: Adding a “spendthrift provision” protects the trust from creditors.
- Protect Individuals with Special Needs or Government Benefits: If one of your beneficiaries receives government benefits or Medicare, the inheritance is counted against them when qualifying for those benefits. When you add a special needs trust, you supplement their benefits rather than eliminate the need for them.
A Florida revocable living trust in Delray Beach is a great idea if you have assets that would ordinarily go through probate. It can also be an excellent solution if your beneficiary is a minor or incapable of handling significant sums of money. No matter how you want to distribute your assets after death, a revocable living trust can help ensure that your wishes are honored.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Delray 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.