Creating a trust is an effective way to ensure that your loved one or family members are provided for. A trust is also a powerful tool for protecting your assets. At the law offices of Kitroser, Lewis & Mighdoll, our experienced asset protection attorneys in West Palm Beach, Florida provide comprehensive irrevocable trust advice and drafting that offers peace of mind.
Put simply, an irrevocable trust is trust that can be neither modified nor terminated without the permission of the Trustee and the beneficiary. In an irrevocable trust, the Grantor (the creator of the trust) distributes assets into the trust, and then completely removes themselves of all ownership and control rights after the transfer of assets is complete. This is different from a revocable trust, which can be modified by its creator at any point.
Irrevocable trusts are often used to provide asset protection for the vulnerable and to ensure that a trust remains in place even if circumstances change. Those who may benefit from creating an irrevocable trust include:
Elderly persons who are high asset individuals and worry about being scammed into making changes to an existing trust that would result in a fraudulent loss of assets; and
It should also be noted that irrevocable trusts have additional benefits. For example, these trusts provide protection from creditors, can be used to minimize a estate taxes, and are an effective tool for those who want to provide for minors, loved ones, or those with special needs.
Our lawyers are experienced and knowledgeable in trust and asset protection laws, and can help you to create an irrevocable living trust, choose a trustee, and transfer assets into a trust. We also provide in-house services through our own trustees, if no better options are available for our clients. (In such instances we build in the power for our client’s trusted relatives or friends to remove the trustee and transfer their holdings to another trustee outside of our law firm at any time). Our lawyers will be by your side to any answer any questions you have and provide sound financial advice along the way.
If you want to protect your assets or your loved one’s right to an inheritance, creating an irrevocable living trust is one of the smartest things that you can do. We know that you have a lot of questions; we have the answers you’re looking for. For a consultation with our law offices, please call us directly today, or send us a message telling us more about your needs and your questions. We serve clients in West Palm Beach and throughout Florida.
The North Palm Beach Estate Planning Lawyers of Kitroser, Lewis & Mighdoll, welcome clients from the cities of West Palm Beach, Stuart, Palm Beach Gardens, Palm Beach, Jupiter, Tequesta, Juno Beach, Singer Island, Lake Park, Hobe Sound, Royal Palm Beach, Wellington, Lake Worth, as well as all of Palm Beach County, Martin County and South Florida.
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