Call the Millman Law Group to learn more about spendthrift trusts in Boca Raton!
When you leave your wealth or assets to your heirs after your death, you want to ensure they can fully benefit from those inheritances. If you are concerned about your beneficiary’s ability to use their inheritance wisely, a spendthrift trust can help. Spendthrift trusts in Boca Raton are designed to help you protect your heirs from squandering their inheritance and more successfully prepare them to live comfortably and enjoy your assets. If you want to create a spendthrift trust, contact your estate planning lawyer at The Millman Law Group. Established by Aaron D. Milman, Esq., CPA, The Millman Law Group is here to provide our Florida community with skilled and thoughtful estate planning services. Call us today if you are eager to learn more about the benefits of spendthrift trusts.
How Do Spendthrift Trusts Work?
Spendthrift trusts can be a type of irrevocable trust made while the grantor (the trust’s creator) is still alive. A spendthrift trust can also be established inside a revocable trust to take effect at the time of the grantor’s death. A spendthrift provision is what makes a trust a spendthrift trust. The provision states that the beneficiary receives their funds or assets incrementally rather than all at once. The grantor determines the amounts distributed and the intervals at which they are distributed.
Why Should You Establish Spendthrift Trusts in Boca Raton?
There are several reasons individuals choose to establish spendthrift trusts in Boca Raton, but two reasons are the most attractive: protection from bad spending and creditors.
Protect the Spendthrift Heir From Bad Spending
Use a spendthrift trust to protect your heir from themselves. The strictly structured increments of asset distributions require the heir to slow down and use the inheritance as a regular income rather than a lump sum.
Protect Beneficiaries From Creditors
The beneficiary has no ownership over assets in the trust, so creditors cannot collect on those assets. This makes the spendthrift trust excellent for when you want to leave an inheritance for someone with outstanding debts. The beneficiary cannot use the trust as collateral to take on new debt, which further makes this trust a tool that protects heirs from poor financial choices.
Establish a Spendthrift Trust with Your Millman Law Group Attorney
Your Millman Law Group attorney in Boca Raton can help you establish a spendthrift trust that accomplishes your goals. The nature of this trust means it benefits from comprehensive legal review. This is because the trusts must stand up to efforts from beneficiaries trying to take control of the trust and creditors seeking to seize assets.
For the best results, work with a lawyer to review the clauses and ensure they stand up to any challenges. Call your Millman Law Group attorney today, or schedule a free first consultation with our team to discuss your concerns about protecting and securing your assets in Boca Raton, FL.
Contact The Millman Law Group To Create Spendthrift Trusts in Boca Raton
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.