A crucial estate planning tool you can benefit from is a Florida revocable living trust in Lake Worth. This trust permits you to make any necessary changes as factors change over time, which irrevocable trusts do not allow. This means you can remove or add beneficiaries, update assets or instructions, and even end the trust during your lifetime. When you hire The Millman Law Group, you can ensure that your revocable trust will operate exactly how you wish. Aaron D. Millman, Esq., CPA, founded The Millman Law Group to provide Lake Worth residents with the guidance they need. Call us today to start planning for your estate and to learn more about what revocable living trusts can do.
How a Revocable Living Trust Can Fit Into Your Estate Plan
Your estate planning lawyer will recommend creating a Florida revocable living trust. Revocable living trusts are flexible, which can be very valuable. The title ownership is updated when you move an asset into the trust, so the asset is now owned by the trust.
As long as you live, you are the trustee unless you designate another individual. In the instance of your incapacitation or death, 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 live.
Why Do We Recommend Florida Revocable Living Trusts?
There are numerous reasons why it is worth establishing a Florida revocable living trust in Lake Worth. For instance, this trust can help you:
- Protect Assets for Beneficiaries: Consider adding a “spendthrift provision” to protect your trust from possible creditors.
- Avoid Probate Court: Avoid court when your assets are named under your trust rather than your name.
- 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. Using a special needs trust can supplement those benefits instead of eliminating them.
- Avoid Guardianship Court: No guardianship of your property is necessary if your assets are under a trust.
- Retain Control: Your living trust will help you decide how your assets are distributed. You can decide whether assets are distributed immediately or periodically or whether assets are held until the recipient meets a certain age.
- Avoid Guardianship Court for Minors: A guardian must be chosen if a minor inherits more than $15,000. You can avoid this when you place the inheritance in a trust instead.
A Florida revocable living trust in Lake Worth is a wonderful idea if you have assets that may typically go through probate. It can also be an intelligent solution if your beneficiary is a minor incapable of managing significant sums of money. No matter how you wish 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 Lake Worth
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.