One of the critical estate planning tools you can benefit from is a Florida revocable living trust in Parkland. This type of trust permits you to make the necessary changes in your future, which irrevocable trusts do not allow. This means you can add or remove your beneficiaries, update assets or instructions, or end the trust during your lifetime. When you hire The Millman Law Group, you can guarantee that your revocable trust will operate precisely how you wish. Aaron D. Millman, Esq., CPA, created The Millman Law Group to provide Parkland residents with the informed guidance they need. Call us today to start planning every aspect of your estate and learn more about what revocable living trusts can do.
How a Revocable Living Trust Can Fit Within Your Estate Plan
Your estate planning lawyer will recommend that you create a Florida revocable living trust. Revocable living trusts are very versatile, which can be valuable. The title ownership is updated when you move an asset into the trust. Instead of being under your name, the asset will now be owned by the trust.
As long as you are alive, you are the trustee unless you designate another person. In the instance of your incapacity or death, a successor trustee is appointed for you. You may also need a will in addition to a revocable living trust. Because the trust is in your name, it may be at risk from creditors and cannot offer tax advantages while you are alive.
Why Are Florida Revocable Living Trusts Recommended?
There are many reasons why it is a worthwhile decision to establish a Florida revocable living trust in Parkland. For example, a living trust can help you:
- Avoid Probate Court: Avoid court when your assets are named under your trust instead of your name.
- Protect Assets for Beneficiaries: Consider adding a “spendthrift provision” to protect your trust from potential creditors.
- Avoid Guardianship Court: No guardianship of your property is necessary if your assets are titled under trusts.
- Protect People with Special Needs and Government Benefits: If a beneficiary depends on government aid or Medicare, the inheritance counts against them when they qualify for their benefits. Using a special needs trust can supplement their benefits instead of eliminating them.
- Avoid Guardianship Court for Minors: A guardian must be appointed if a minor inherits more than $15,000. You can avoid this when you place the inheritance in a trust.
- Retain Control: Your living trust will help you decide how your assets are distributed. You can choose whether assets are distributed immediately, periodically given, or whether assets are held until the recipient meets a certain age.
A Florida revocable living trust in Parkland is a fantastic idea if you have assets that may typically go through probate. It can also be a smart solution if your beneficiary is a minor or incapable of managing large sums of money. No matter how you wish to distribute your assets after death, a revocable living trust can guarantee that your directions are followed.
Contact The Millman Law Group To Create Your Florida Revocable Living Trust in Parkland
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.