A critical estate planning tool for Florida residents is a revocable living trust. This trust allows you to make any necessary changes as your life changes over time, changes that irrevocable trusts do not permit. You can add or remove beneficiaries, update instructions or assets, and end the trust during your life. When you hire The Millman Law Group attorneys, you can feel confident that your revocable trust will work exactly how you wish. Aaron D. Millman, Esq., CPA, established 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 more about the benefits of a Florida revocable living trust in West Palm Beach.
How a Revocable Living Trust Fits 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 after you move an asset into the trust, so now the trust owns the assets.
As long as you live, you remain the trustee unless you designate another person. In the case of your death or incapacitation, a successor trustee is appointed for you. You might also need to set up a will as well as a revocable living trust. Because the trust is in your name, it could be at risk from creditors and does not offer tax advantages while you live.
Why Should You Use a Florida Revocable Living Trust?
There are many reasons why you should establish a Florida revocable living trust in West Palm Beach. This trust can help you:
- Avoid Probate Court: Avoid this process when you name assets under a trust instead of your name.
- Avoid Guardianship Court: No guardianship of your property is required when your assets are under a trust.
- Protect Assets for Beneficiaries: You might add a “spendthrift provision” to protect your trust from creditors.
- 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.
- Avoid Guardianship Court of Minors: You must choose a guardian if a minor inherits more than $15,000. You can 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 assets are distributed right away or periodically or whether assets are held until a recipient comes of age.
A Florida revocable living trust in West Palm Beach is an excellent choice if you have assets that may typically go through probate. It can also be a wise decision if a beneficiary is a minor incapable of managing substantial sums of money. No matter how you prefer to distribute your assets, a revocable living trust can guarantee that your wishes are honored.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in West Palm 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.