When you leave money or assets to your heirs after you die, you want to ensure they get the most out of their inheritance. A spendthrift trust may be useful if you are concerned about your beneficiary’s capacity to handle their money properly. Spendthrift trusts in Highland Beach, FL, are intended to prevent your heirs from wasting their inheritance and help them live well and appreciate what they have.
If you wish to create a spendthrift trust, call The Millman Law Group’s estate planning attorneys. The Millman Law Group, founded by Aaron D. Millman, Esq., CPA, is dedicated to serving our Florida community with expert and thoughtful estate planning services. Contact us today to learn more about the advantages of spendthrift trusts.
How Do You Add a Spendthrift Trust to Your Estate Plan?
Spendthrift trusts can be a type of irrevocable trust formed while the trust’s founder (grantor) is still alive. A spendthrift trust can also be constituted within a revocable trust and becomes effective upon the grantor’s death. The spendthrift clause characterizes a trust as a spendthrift trust. The provision specifies that the beneficiary will get their inheritance or assets in installments rather than all at once. The grantor sets the amount of money provided and when it is delivered to the recipient.
Why Do People Use Spendthrift Trusts in Highland Beach?
Individuals create spendthrift trusts in Highland Beach for a variety of reasons, the most common of which are protection from creditors and excessive spending.
Protect Your Beneficiaries From Poor Money Management
Create a spendthrift trust to protect your successor from themselves. Because the trust governs how much money is provided and when it is dispersed, the heir gets their inheritance as a steady stream of income rather than a single amount.
Protect Inheritances and Heirs From Creditors
Creditors cannot collect on the trust assets since the recipient does not own them. As a result, the spendthrift trust may be useful in transferring an inheritance to a debtor. Because the trust cannot be used as security for new debt, it provides additional protection to prevent heirs from making unwise financial decisions.
Count On Your Millman Law Group Estate Planning Lawyer
Your Millman Law Group attorney in Highland Beach can help you create a spendthrift trust that suits your requirements. Because of its nature, this trust warrants a thorough investigation from a knowledgeable lawyer. This is because trusts must withstand attempts by beneficiaries and creditors to take control and reclaim assets.
Consult a lawyer to ensure that the spendthrift clause will stand up to any legal challenges. Call your Millman Law Group attorney now to discuss your worries regarding keeping and safeguarding your assets in Highland Beach, FL, or to set up a free consultation with one of our specialists.
Contact The Millman Law Group To Create Spendthrift Trusts in Highland 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.