Estate planning is one of the most important tasks anyone can take to ensure that their wishes are carried out in a manner of their own choosing. Trusts are one of the best ways to manage your assets both during your life and after. There are many different types of trusts available that can be tailored to your specific wishes. At Kitroser, Lewis & Mighdoll, our experienced North Palm Beach trust and estate planning attorneys take the time to listen to your needs and develop a personalized strategy to ensure your best interests are protected. Planning for the future now is the best way to prevent stressful situations later.
Many people are vaguely familiar with trusts but don’t know exactly what they mean. As the name suggests, a revocable trust is one that can be altered. This means that you can establish a trust and appoint a trustee to manage your assets during your lifetime while also creating a distribution plan upon your death. The main advantages of a revocable trust are your ability to withdraw money or assets or revise the provisions of the trust at any time.
Conversely, an irrevocable trust is unable to be altered and prevents the creator from accessing or withdrawing assets or money. An irrevocable trust is a good way to preserve assets while also reducing tax and government eligibility burdens.
There are many different types of trusts available, each with their distinct benefits. Some of the most common types of trusts include:
These are just a few of the many trusts available. Our experienced trust attorneys provide the resources you need to understand the differences and determine which strategy is best for your specific situation.
Planning for the future and dealing with difficult questions about how and to whom your assets are distributed after your death is sometimes a daunting and uncomfortable task. However, taking control of your resources and making those hard decisions now reduces the burdens you and your loved ones may face in the future. At Kitroser, Lewis & Mighdoll, our knowledgeable Palm Beach County trust and estate planning lawyers are here to provide comprehensive legal advice in a compassionate environment. To schedule a consultation at your convenience, call us at 561-721-0600 or send us an email.
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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