Learn more about the benefits of spendthrift trusts in Delray Beach!
When you leave your fortune or assets to your heirs after your death, you want to make sure they get the most out of such inheritances. A spendthrift trust can help if you are concerned about your beneficiary’s capacity to use their money appropriately. Spendthrift trusts in Delray Beach are intended to help prevent your heirs from wasting their inheritance and better prepare them to live comfortably and enjoy your possessions. Contact The Millman Law Group’s estate planning attorneys if you wish to set up a spendthrift trust. The Millman Law Group, founded by Aaron D. Millman, Esq., CPA, is dedicated to providing expert and thoughtful estate planning services to our Florida community. If you want to learn more about the advantages of spendthrift trusts, contact us today.
The Function of Spendthrift Trusts
Spendthrift trusts are a form of irrevocable trust created when the grantor (founder of the trust) is still alive. A spendthrift trust can also be formed within a revocable trust and will take effect upon the grantor’s death. The spendthrift provision is what distinguishes 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 decides how much money is distributed and when it is distributed.
Why Should Individuals Establish Spendthrift Trusts in Delray Beach?
There are various reasons why people form spendthrift trusts in Delray Beach, but two are particularly appealing: protection from poor spending and creditors.
Protect Your Spendthrift Heir From Poor Spending
To protect your successor against themselves, use a spendthrift trust. Because asset distributions are rigorously planned, the heir must treat the inheritance as a recurring income rather than a single amount.
Protect Your Beneficiaries From Creditors
Because the beneficiary has no ownership of the trust’s assets, creditors cannot collect on them. This makes the spendthrift trust ideal for leaving an inheritance to someone with outstanding obligations. The beneficiary cannot use the trust as collateral to incur new debt, making it an additional weapon for protecting heirs from unwise financial decisions.
Create a Spendthrift Trust with Your Millman Law Group Attorney
Your Millman Law Group attorney in Delray Beach can assist you in creating a spendthrift trust that achieves your objectives. Because of the nature of this trust, it benefits from a thorough legal analysis. This is because trusts must withstand attempts by beneficiaries to acquire control of the trust and creditors to recover assets.
Work with a lawyer to analyze the terms and ensure they can withstand any objections. Call your Millman Law Group attorney now to discuss your worries regarding preserving and securing your assets in Delray Beach, FL, or schedule a free first appointment with our experts.
Contact The Millman Law Group To Create Spendthrift Trusts in Delray 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.