A crucial estate planning tool you can utilize is a Florida revocable living trust in Highland Beach. This trust allows you to make any necessary changes as factors change over time, changes that irrevocable trusts do not allow. You can add or remove beneficiaries, update instructions or assets, and even end the trust during your lifetime. When you hire The Millman Law Group, you can be confident that your revocable trust will operate exactly how you wish. Aaron D. Millman, Esq., CPA, established The Millman Law Group to provide Highland Beach residents with the guidance they need. Call our offices today to start planning for your estate and learn more about the benefits of revocable living trusts.
How a Revocable Living Trust Fits Into Your Estate Plan
Your estate planning lawyer will recommend establishing a Florida revocable living trust. Revocable living trusts are flexible, which is highly appealing. The title ownership is updated when you move an asset into the trust, so the trust now owns the assets.
As long as you live, you are the trustee unless you designate another individual. In the case of your death or incapacitation, a successor trustee is appointed for you. You may also need to set up a will in addition to a revocable living trust. Because the trust is in your name, it might be at risk from creditors and cannot offer tax advantages while you are alive.
What Are The Benefits of Florida Revocable Living Trusts?
There are many reasons why you should establish a Florida revocable living trust in Highland Beach. This trust can help you:
- Avoid Probate Court: Avoid court when your assets are named under your trust rather than your name.
- Protect Assets for Beneficiaries: Consider adding a “spendthrift provision” to protect your trust from creditors.
- Avoid Guardianship Court: No guardianship of your property is necessary if your assets are under a trust.
- Protect People with Special Needs and Federal Benefits: If a beneficiary depends on government aid or Medicare, the inheritance counts against them when they qualify for benefits. By using a special needs trust, you can supplement their benefits instead of disqualifying them.
- Retain Control: Your living trust helps you decide how assets are distributed. You can choose whether assets are distributed immediately or periodically or whether assets should be held until a recipient is of age.
- Avoid Guardianship Court of Minors: A guardian must be chosen if a minor inherits more than $15,000. You can avoid this when you instead place the inheritance in a trust.
A Florida revocable living trust in Highland Beach is a great idea if you have assets that may typically go through probate. It can also be a smart decision if your beneficiary is a minor incapable of managing large sums of money. No matter how you prefer to distribute your assets after death, a revocable living trust can ensure that your directions are followed.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Highland 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.