When you leave money or assets to your heirs after your death, you want to ensure that they can fully benefit from their inheritances. A spendthrift trust may be advantageous if you are concerned about your beneficiary’s capacity to handle their money properly. Spendthrift trusts in Parkland, FL, are intended to safeguard your heirs from burning through their inheritance and to assist them in living well and appreciating what they have.
Contact The Millman Law Group’s estate planning experts 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.
What Is a Spendthrift Trust?
Spendthrift trusts are irrevocable trusts created while the trust’s creator (grantor) is still alive. A spendthrift trust can be established within a revocable trust and takes 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 amount of money delivered and when it is distributed to the recipient are determined by the grantor.
When Should You Use a Spendthrift Trust in Parkland?
Individuals create spendthrift trusts in Parkland for several reasons, the most common of which are protection from creditors and irresponsible spending.
Protect Beneficiaries From Poor Money Management
To protect your successor from themselves, use a spendthrift trust. The heir can approach their inheritance as a stream of income rather than a lump payment since this trust determines how much money is supplied and when it is transferred.
Shield Heirs From Creditors
Creditors cannot collect on the assets of the trust since the receiver 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 collateral to incur additional debt, it provides another tool to protect heirs from making unwise financial decisions.
Create a Spendthrift Trust with Your Millman Law Group Estate Planning Lawyer
Your Millman Law Group attorney in Parkland can help you set up a spendthrift trust that suits your requirements. Because of its nature, this trust benefits from a thorough legal examination. This is because trusts must withstand attempts by beneficiaries to seize control and creditors to recover assets.
Consult your lawyer to ensure that the provision can withstand any legal challenges. Call your Millman Law Group attorney today to discuss your worries regarding preserving and safeguarding your assets in Parkland, FL, or to schedule a free first consultation with one of our professionals.
Contact The Millman Law Group To Create Spendthrift Trusts in Parkland
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.