West Palm Beach Irrevocable Trust Attorney
Florida Asset Protection Lawyers
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 West Palm Beach irrevocable trust attorneys provide comprehensive irrevocable trust advice and drafting that offers peace of mind.
What Is an Irrevocable Trust?
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.
The Benefits of an Irrevocable Trust
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
- Parents who are affluent and elderly or widowed, and who want to be sure that a trust for their children will remain in place and will not be diverted by a new spouse or other party.
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.
We Provide the Asset Protection Services You’re Looking for
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.
Set Up Your Irrevocable Trust to Protect Your Loved Ones Today
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.
