A crucial estate planning tool for Florida residents is a revocable living trust. This type of trust permits you to make any necessary adjustments as your life changes over time, adjustments that cannot be made to irrevocable trusts. When you hire The Millman Law Group attorneys, you can feel confident that your revocable trust will work precisely how you want it to. Aaron D. Millman, Esq., CPA, created The Millman Law Group to provide Florida residents with the guidance they need. Call our office today to start planning for your estate and to learn about the benefits of a Florida revocable living trust in Deerfield Beach.
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 to most individuals. The title ownership is updated after you move an asset into the trust, so the trust is the new owner of that asset.
As long as you are alive, you remain the trustee unless you designate someone else. In the case of your incapacitation or death, a successor trustee is appointed. You may also need to issue a will in addition to the revocable living trust. Because the trust is in your name, it can be at risk from creditors and does not offer tax advantages while you are alive.
The Benefits of Using a Florida Revocable Living Trust
There are many reasons why you should consider establishing a Florida revocable living trust in Deerfield Beach. This trust can help you:
- Avoid Guardianship Court: No guardianship of a property is required when your assets are under a trust.
- Avoid Probate Court: Avoid this process when you name assets under a trust instead of your name.
- Protect Assets for Beneficiaries: You may add a “spendthrift provision” to protect your trust from creditors.
- Avoid Guardianship Court for Minors: You must choose a guardian if a minor inherits more than $15,000. You can also avoid this by placing the inheritance in a trust.
- Retain Control: Your living trust helps you decide how assets are distributed. You can choose whether trust assets are distributed immediately or over time or whether assets are held until a recipient comes of age.
- Protect People with Special Needs Benefits: If beneficiaries depend on Medicare or government aid, the inheritance counts against them when they qualify for federal benefits. A special needs trust supplements their benefits instead of disqualifying them.
A Florida revocable living trust in Deerfield Beach is a wise choice if you have assets that may typically go through probate. It may also be a smart decision if a beneficiary is a minor incapable of managing large sums of money. No matter how you choose to distribute your assets, a revocable living trust can guarantee that your wishes are respected.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Deerfield 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.