A revocable living trust is an important estate planning tool for Floridians. This trust allows you to make any required alterations as your life changes over time, something irrevocable trusts do not allow. When you choose The Millman Law Group, you may be certain that your revocable trust will function exactly as you intend. The Millman Law Group was founded by Aaron D. Millman, Esq., CPA, to provide Florida citizens with the legal assistance they require. Call our office now to begin estate planning and to learn about the advantages of a Florida revocable living trust in Hillsboro Beach.
How You Can Use a Revocable Living Trusts in Your Estate Plan
Your estate planning attorney will recommend that you establish a Florida revocable living trust. Most people like the fact that revocable living trusts are flexible. When you transfer an asset into a trust, the title ownership is altered, and the trust becomes the new owner of that asset.
Unless you select someone else, you are the trustee for as long as you are alive. A replacement trustee is appointed in the event of your incapacity or death. In addition to the revocable living trust, you may need to create a will. Because the trust is in your name, it is vulnerable to creditors and does not provide tax benefits while you are alive.
The Advantages of Using a Florida Revocable Living Trust
You might consider establishing a Florida revocable living trust in Hillsboro Beach for several reasons. This trust can assist you in the following ways:
- Avoid Guardianship Court: No guardianship is necessary when your assets are held in trust.
- Avoid Probate Court: Avoid this process by naming assets under a trust rather than your own name.
- Protect Your Assets for Beneficiaries: You might include a “spendthrift provision” to protect your trust against creditors.
- Avoid Guardianship Court for Minors: If a minor receives more than $15,000, you must appoint a guardian. You can avoid this by putting the inheritance in trust.
- Maintain Control: Your living trust assists you in determining how assets are allocated. You can specify whether trust assets are distributed immediately or over time or if they are held in the trust until a recipient reaches the age of majority.
- Benefits for People with Special Needs: If beneficiaries rely on Medicare or government assistance, the inheritance counts against them when determining eligibility for federal benefits. Instead of disqualifying them, a special needs trust complements their benefits.
If you have assets that would normally go through probate, a Florida revocable living trust in Hillsboro Beach is a sensible alternative. It may also be wise if one of the beneficiaries is a minor incapable of managing significant quantities of money. Whatever method you choose to divide your possessions, a revocable living trust helps ensure that your wishes are followed.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Hillsboro 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.