When you leave your money or assets to your heirs after your death, you want to ensure they get the most out of their inheritances. If you are concerned about your beneficiary’s ability to manage their money wisely, a spendthrift trust can help. Spendthrift trusts in Boynton Beach are designed to keep your heirs from squandering their inheritance and to better equip them to live comfortably and appreciate what they have inherited.
If you want to set up a spendthrift trust, contact The Millman Law Group’s estate planning specialists. The Millman Law Group, founded by Aaron D. Millman, Esq., CPA, is committed to providing our Florida community with skilled and thoughtful estate planning services. Contact us today to learn more about the benefits of spendthrift trusts.
How Spendthrift Trusts Work
Spendthrift trusts are a type of irrevocable trust established while the grantor (trust founder) is still living. A spendthrift trust can be created within a revocable trust and will take effect upon the death of the grantor. The spendthrift clause defines a trust as a spendthrift trust. According to the clause, the beneficiary receives their cash or assets in installments rather than all at once. The grantor determines the amount of money distributed and when it is delivered.
Why Should People Establish Spendthrift Trusts in Boynton Beach?
People establish spendthrift trusts in Boynton Beach for a variety of reasons, but two stand out: protection from bad spending and creditors.
Protect Your Heir From Poor Spending
Use a spendthrift trust to protect your successor from themselves. Because asset transfers are meticulously planned with this trust, the heir can consider the inheritance to be a periodic income rather than a lump sum.
Protect Beneficiaries From Creditors
Creditors cannot collect on the trust’s assets since the beneficiary does not own them. As a result, the spendthrift trust is appropriate for leaving an inheritance to someone with outstanding debts. Because the beneficiary cannot use the trust as collateral to incur new debt, it provides an extra tool for safeguarding heirs from poor financial decisions.
Create a Spendthrift Trust with Your Millman Law Group Lawyer
Your Millman Law Group attorney in Boynton Beach can help you set up a spendthrift trust that meets your goals. This trust benefits from a full legal investigation due to its nature. This is because trusts must survive attempts by beneficiaries to gain control of the trust and creditors to collect assets.
Work with a lawyer to review the agreements and make sure they can survive any challenges. Call your Millman Law Group attorney now to discuss your concerns about maintaining and protecting your assets in Boynton Beach, FL, or to book a free first consultation with our specialists.
Contact The Millman Law Group To Create Spendthrift Trusts in Boynton 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.