When you leave money or assets to your heirs after your death, you want to make sure they make the most out of their inheritances. A spendthrift trust may be beneficial if you are concerned about your beneficiary’s ability to manage their money appropriately. Spendthrift trusts in Broward County, FL, are designed to keep your heirs from spending their fortune and to help them live well and appreciate what they have acquired.
If you want to set up a spendthrift trust, contact The Millman Law Group’s estate planning attorneys. 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 find out more about the benefits of spendthrift trusts.
What Is the Purpose of a Spendthrift Trust?
Spendthrift trusts are irrevocable trusts established while the trust founder (grantor) is still alive. A spendthrift trust can be created within a revocable trust and will take effect upon the grantor’s death. 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 how much money is distributed and when it is distributed to the recipient.
Why Should Individuals Establish Spendthrift Trusts in Broward County?
People establish spendthrift trusts in Broward County for a variety of reasons, the most prevalent of which are protection from creditors and bad spending.
Protect Heirs From Poor Money Management
Use a spendthrift trust to protect your successor from themselves. Because this trust specifies how much money is delivered and when it is transferred, the heir can treat their inheritance as a stream of income rather than a lump sum.
Protect Beneficiaries From Creditors
Creditors cannot collect on the trust’s assets since the receiver does not own them. As a result, the spendthrift trust might assist you in leaving an inheritance to a debtor. Because the recipient cannot use the trust as collateral to incur new debt, it provides another tool to safeguard heirs from making poor financial decisions.
Create a Spendthrift Trust with Your Millman Law Group Attorney
Your Millman Law Group attorney in Broward County can assist you in creating a spendthrift trust that meets your needs. This trust benefits from a complete legal evaluation due to its nature. This is due to the fact that trusts must survive attempts by beneficiaries to assume control and creditors to collect assets.
Consult with a lawyer to verify that the clause can withstand any challenges. Call your Millman Law Group attorney now to discuss your concerns about maintaining and protecting your assets in Broward County, FL, or to book a free first consultation with one of our specialists.
Contact The Millman Law Group To Create Spendthrift Trusts in Broward 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.