One of your most essential estate planning tools will be a Florida revocable living trust in Palm Beach County. This type of trust empowers you to make any necessary changes in the future, which irrevocable trusts do not permit. This means that you can add or remove beneficiaries, change assets or instructions, or end the trust altogether while you are alive. When you partner with The Millman Law Group, you guarantee that your revocable trust operates precisely how you want it to. Aaron D. Millman, Esq., CPA, is the leader of the team at The Millman Law Group, all of whom are ready to help you navigate these complex estate decisions. The Millman Law Group clients receive consistent and professional services that enable them to make informed decisions for their estate.
How a Revocable Living Trust Fits Within Your Estate Plan
Your lawyer will recommend a Florida revocable living trust as you begin estate planning. Revocable living trusts are highly versatile, which can be valuable. When you move an asset into a revocable living trust, the title ownership is changed. Instead of being under your name, the asset is owned by the trust.
During your life, you are the trustee unless you designate another. In the case of incapacity or death, a successor trustee is appointed on your behalf. You may also require a will in addition to your revocable living trust. Because your trust is in your name during your lifetime, it may be at risk from creditors and does not offer tax advantages while you live.
Why Should You Consider a Florida Revocable Living Trust?
There are several significant reasons why it may be worthwhile to establish a Florida revocable living trust in Palm Beach County. A living trust will help you:
- Avoid Guardianship Court: No guardianship is required if your assets are titled under a trust. The successor trustee will administer assets.
- Avoid Probate Court: The asset is not under your name but under your trust instead.
- Retain Control After Death: Your living trust helps you determine how your assets are distributed. You can decide whether your trustee distributes assets immediately, makes periodic distributions, or holds assets until children are of age.
- Protect Assets for Beneficiaries: Adding a “spendthrift provision” protects your trusts from potential creditors.
- Avoid Guardianship Court for Minors: A guardian must be appointed when a minor inherits more than $15,000. You avoid this complex process when you place the inheritance in your trust.
- Protect People with Special Needs or Government Benefits: If a beneficiary receives government or Medicare benefits, the inheritance will count against them when they qualify for benefits. By adding a special needs trust, you supplement their benefits rather than eliminate the need for them.
A Florida revocable living trust in Palm Beach County is a great idea if you have assets that would normally go through probate. It can also be a practical solution if your beneficiary is a minor or incapable of managing large sums of money. No matter how you want to distribute your assets after your death, a revocable living trust can ensure that your wishes are honored.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Palm Beach County
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.