Spendthrift trusts in Deerfield Beach can help your heirs get the most out of their inheritance.
When you leave money or assets to your heirs after death, you want to make sure they get the most out of their inheritance. A spendthrift trust might be beneficial if you are concerned about your beneficiary’s ability to manage their money responsibly. Spendthrift trusts in Deerfield Beach, FL, are designed to keep your heirs from spending their inheritance while allowing them to live well and appreciate what you have left them.
If you want to set up a spendthrift trust, contact The Millman Law Group’s estate planning attorneys. Aaron D. Millman, Esq., CPA, formed The Millman Law Group to provide thorough and thoughtful estate planning services to our Florida community. Contact us today to learn more about the benefits of spendthrift trusts.
How Can You Add a Spendthrift Trust to Your Estate Plan?
Spendthrift trusts are a type of irrevocable trust established while the trust’s creator (grantor) is still alive. A spendthrift trust can also be established within a revocable trust and is effective upon the grantor’s death. The spendthrift clause designates a trust as a spendthrift one. The clause states that the beneficiary would receive their inheritance or assets in installments rather than all at once. The donor determines the amount of money supplied and when it will be given to the recipient.
The Purposes of Spendthrift Trusts in Deerfield Beach
Individuals can establish spendthrift trusts in Deerfield Beach for a number of reasons, the most prevalent of which are protection from creditors and excessive spending.
Protect Your Heirs From Poor Spending
Set up a spendthrift trust to safeguard your successor from themselves. Because the trust determines how much money is inherited and when it is distributed, the heir receives their inheritance as a consistent stream of income rather than a lump sum.
Protect Heirs and Their Inheritance from Creditors
Creditors cannot collect on trust assets since the beneficiary does not own them. As a result, the spendthrift trust can protect a debtor from losing their inheritance. Because the trust cannot be used to secure new debt, it adds extra safeguards to keep your heirs from making poor financial decisions.
Trust Your Millman Law Group Estate Planning Attorney
Your Millman Law Group attorney in Deerfield Beach can help you create a spendthrift trust that meets your specific needs. Because of its nature, this trust requires a careful examination by a skilled attorney. This is because trusts must survive attempts by beneficiaries and creditors to seize and recover assets.
Consult a lawyer to guarantee that the spendthrift provision can withstand any legal challenges. Call your Millman Law Group attorney now to discuss your concerns about maintaining and protecting your assets in Deerfield Beach, FL, or to schedule a free consultation with one of our professionals.
Contact The Millman Law Group To Create Spendthrift Trusts in Deerfield 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.