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Palm Beach County Estate & Probate Attorneys / Palm Beach County Trusts Attorney

Palm Beach County Trusts Lawyers

An Essential Tool for Estate Planning

At Kitroser Lewis & Mighdoll, we understand the importance of protecting your assets and ensuring your wishes are carried out according to your intentions. Trusts are one of the most effective estate planning tools available to achieve these goals. Whether you are seeking to avoid probate, reduce estate taxes, or provide for a loved one with special needs, establishing a trust offers numerous benefits and can be customized to suit your unique circumstances. Count on our experienced Palm Beach County trusts lawyers to help you determine which trusts are right for you and create personalized trusts as part of a comprehensive and custom-tailored estate plan that meets your needs.

What Is a Trust?

A trust is a legal arrangement where one party (the “trustee”) holds and manages assets on behalf of another (the “beneficiary”). Trusts can be used to manage property, financial accounts, and other assets during your lifetime and after your passing. Unlike a will, a trust can offer privacy and continuity, avoiding the lengthy and sometimes costly probate process.

There are various types of trusts available depending on your goals and circumstances. Attorney Kitroser offers guidance on different types of trusts and also assists in selecting an appropriate trustee. Here are some popular types of trusts in Palm Beach County:

1. Revocable Living Trust

A revocable living trust is a popular choice for individuals who want flexibility and control over their assets during their lifetime. As the name implies, this type of trust can be altered or revoked at any time during your lifetime. Upon your death, the trust becomes irrevocable, and your designated trustee will manage and distribute your assets according to your instructions. Revocable trusts avoid probate, providing a seamless transition of assets to your beneficiaries.

2. Irrevocable Trust

Unlike a revocable trust, an irrevocable trust cannot be modified once established. This type of trust is commonly used to reduce estate taxes and protect assets from creditors. By transferring ownership of your assets to an irrevocable trust, they are no longer considered part of your estate for tax purposes, which can result in significant savings for your heirs. They can also exclude assets from being counted against you for Medicaid eligibility, which is key to affording the exorbitant costs of long-term care in Palm Beach County.

3. Special Needs Trust

If you have a loved one with a disability, a special needs trust can provide financial support without jeopardizing their eligibility for government benefits. This type of trust allows you to set aside funds to cover expenses such as medical care, education, and housing while preserving access to programs like Supplemental Security Income (SSI) and Medicaid.

4. Charitable Trust

For individuals with philanthropic goals, a charitable trust allows you to leave a lasting legacy by donating to a cause you care about. There are two main types of charitable trusts: charitable remainder trusts and charitable lead trusts. Both offer potential tax benefits and a reliable source of personal income while supporting charitable organizations either during your lifetime or after your passing.

5. Spendthrift Trust

A spendthrift trust is designed to protect beneficiaries who may not be financially responsible. The trustee retains control over the assets and distributes them according to specific instructions. This type of trust prevents creditors from accessing the trust assets and safeguards them from being mismanaged by the beneficiary.

Benefits of Establishing a Trust

Trusts provide a range of benefits that can help you achieve your estate planning objectives:

  • Avoid Probate: Assets placed in a trust bypass the probate process, which can save time, reduce costs, and keep your affairs private.

  • Tax Planning: Certain trusts, such as irrevocable trusts, can minimize estate taxes, maximizing the inheritance left to your beneficiaries.

  • Asset Protection: Trusts can shield your assets from creditors, lawsuits, and other potential risks.

  • Control and Flexibility: With a revocable living trust, you retain control over your assets and can make changes as your life circumstances evolve.

  • Provide for Loved Ones: Trusts allow you to provide for beneficiaries according to your specific wishes, including minor children or individuals with special needs.

Establishing a trust is a strategic way to ensure your Palm Beach County estate is distributed according to your preferences while protecting your assets and your family’s financial future. Florida’s trust laws are complex, but with the guidance of an experienced estate planning attorney, you can create a trust that aligns with your goals and complies with state regulations.

At Kitroser Lewis & Mighdoll, we are dedicated to helping Palm Beach County residents create tailored estate plans that reflect their values and protect their assets. Whether you or your property are located in North Palm Beach, Delray Beach, Wellington Or Jupiter, our team will work closely with you to understand your goals and recommend the right type of trust for your unique situation.

Let Kitroser Lewis & Mighdoll Help You Protect Your Future

Whether you’re looking to set up a trust in Palm Beach County for asset protection, charitable giving, or to care for a loved one, the attorneys at Kitroser Lewis & Mighdoll have the knowledge and experience to guide you through the process. Call us today at 561-721-0600 or contact us online and take the first step toward securing your family’s future.