Spendthrift trusts in Palm Beach County can protect your heirs from poor spending.
You want to make sure your heirs get the most out of their inheritances when you leave money or assets to them after your death. A spendthrift trust might help if you are concerned about your beneficiary’s capacity to handle their money responsibly. Spendthrift trusts in Palm Beach County are intended to prevent your heirs from wasting their inheritance and to better enable them to live well and appreciate what they have inherited.
Contact The Millman Law Group’s estate planning professionals if you wish to set up a spendthrift trust. The Millman Law Group, founded by Aaron D. Millman, Esq., CPA, is dedicated to delivering expert and thoughtful estate planning services to our Florida community. Contact us today to learn more about the advantages of spendthrift trusts.
How Do Spendthrift Trusts Work?
Spendthrift trusts are irrevocable trusts created while the grantor (trust founder) is still alive. A spendthrift trust can be established within a revocable trust and will take effect upon the grantor’s death. A trust is defined as a spendthrift trust by the spendthrift clause. 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 dispersed and when it is given to the recipient.
What Are the Benefits of Establishing Spendthrift Trusts in Palm Beach County?
People create spendthrift trusts in Palm Beach County for several reasons, the most common of which are protection against poor spending and creditors.
Protect Your Heirs From Poor Spending
To protect your successor from themselves, use a spendthrift trust. Because this trust precisely plans how much money is transferred and when the heir can view their inheritance as a stream of income rather than a single amount.
Protect Your Beneficiaries From Creditors
Creditors cannot collect on the trust’s assets since the recipient does not own them. As a result, the spendthrift trust can help you leave an inheritance to someone with debts. Because the beneficiary cannot use the trust as collateral to incur additional debt, it adds another tool to protect heirs from unwise financial decisions.
Establish a Spendthrift Trust with Your Millman Law Group Attorney
Your Millman Law Group attorney in Palm Beach County can help you establish a spendthrift trust that fits your objectives. Because of its nature, this trust benefits from a thorough legal analysis. This is because trusts must withstand attempts by beneficiaries to seize control of the trust and creditors to recover assets.
Review the agreements with a lawyer to ensure they can withstand any objections. Call your Millman Law Group attorney now to discuss your worries regarding preserving and safeguarding your assets in Palm Beach County, FL, or to schedule a free first appointment with one of our professionals.
Contact The Millman Law Group To Create Spendthrift Trusts in Palm Beach 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.