Many people think of legal trusts as something extremely wealthy families use to pass on inheritances to their heirs. However, most families with any assets can benefit from a trust. Trusts are a tool for protecting property and assets. They can help you avoid aggravating probate, transfer assets without incurring significant tax burdens, and give you control over your assets after you’re gone. Trusts can also help preserve eligibility for public benefits if other assets render you ineligible.
To summarize, trusts are for anyone with assets. Your Millman Law Group lawyer can advise you on how legal trusts can be a crucial part of your estate plan. The following scenarios are just a few in which trusts can be beneficial.
Trusts Can Take Care of Your Children
When establishing your estate plan, it’s essential to consider some uncomfortable scenarios if you want to be sure that your children are taken care of after you’re gone. If you pass away while your children are still young, a Minor’s Trust can hold onto their assets until your children reach a predetermined age. This can allow you to determine who will receive what and when and prevent young children from having unrestricted access to a large inheritance. Legal trusts can also help you carefully plan so that, for instance, children from a previous marriage are not accidentally disinherited.
Trusts Account for Second Marriages
If you want to provide for your spouse, you can set up a Marital Trust. After you pass away, this trust will provide funds to your spouse using the income generated from trust assets. You can create this trust in a way that protects your assets from going to members of a subsequent marriage, such as a new spouse or step-children.
Trusts Help People Qualify for Public Benefits
If you have a loved one currently on needs-based public benefits like Medicaid or SSI, leaving them an inheritance is more complicated. If they are left an inheritance directly, they may become ineligible for their benefits. However, you can pass on assets to this person while preserving their benefits eligibility. This is done through a third-party special needs trust, which your estate planning lawyer can guide you through.
Your estate planning lawyer can also help you navigate how certain trusts can help you qualify for Medicaid regardless of income or qualify for VA benefits when the value of your assets is too high.
Revocable and Irrevocable Trusts
The Millman Law Group attorneys can also help you navigate the differences between revocable and irrevocable trusts. Revocable trusts allow the grantor of the trust to make changes before they pass, which can be very beneficial. You can discuss these trusts more in depth with your Millman lawyer. The knowledge and skill of your estate planning lawyer can help you take full advantage of these many legal trusts.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer 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 also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.