When you leave money or assets to your heirs after death, you want to ensure that they get the most out of what you leave them. A spendthrift trust may be helpful if you are concerned about your beneficiary’s capacity to handle their money appropriately. Spendthrift trusts in Hillsboro Beach, FL, are intended to prevent your heirs from wasting their inheritance while allowing them to live comfortably and appreciate what you’ve given them.
If you wish to create a spendthrift trust, call The Millman Law Group’s estate planning specialists. Aaron D. Millman, Esq., CPA, founded The Millman Law Group to provide comprehensive and thoughtful estate planning services to our Florida community. Contact us today to find out more about the advantages of spendthrift trusts.
How to Add a Spendthrift Trust to an Estate Plan
Spendthrift trusts are irrevocable trusts formed while the creator (grantor) is still alive. A spendthrift trust can be formed within a revocable trust and becomes effective upon the grantor’s death. The spendthrift clause is what defines a trust as a spendthrift trust. The provision says the beneficiary will get their inheritance or assets in stages rather than all at once. The grantor determines the amount of money granted and when it is sent to the recipient.
Why Do People Use Spendthrift Trusts in Hillsboro Beach?
Individuals can create spendthrift trusts in Hillsboro Beach for a variety of reasons, the most common of which are protection from creditors and excessive spending.
Protect Heirs From Bad Spending Habits
Set up a spendthrift trust to protect your successors from themselves. Because the trust controls how much money is received and when it is delivered, the successor receives a steady stream of income rather than a single amount they can squander.
Protect Heirs and Their Inheritance from Possible Creditors
Creditors cannot collect on trust assets since the recipient does not own them. As a result, the spendthrift trust can help a debtor avoid losing their inheritance. Because the trust cannot be used to secure new debt, it provides further protection from successors making unwise financial decisions.
Create an Estate Plan with Your Millman Law Group Attorney
Your Millman Law Group attorney can assist you in creating a spendthrift trust in Hillsboro Beach tailored to your circumstances. Because of its nature, this trust needs a thorough review by an experienced attorney. This is because trusts must withstand attempts from beneficiaries and creditors to take and reclaim assets.
Consult a lawyer to ensure the spendthrift trust will withstand any legal challenges. Call your Millman Law Group attorney now to discuss your worries regarding keeping and safeguarding your assets in Hillsboro Beach, FL, or to set up a free consultation with one of our specialists.
Contact The Millman Law Group To Create Spendthrift Trusts in Hillsboro 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.