Palm Beach Gardens Trusts Lawyers
Powerful Tools for Your Estate Plan
Protecting your family’s future is of critical importance, and one of the most effective ways to ensure your assets are distributed according to your wishes while minimizing probate and tax burdens is through the creation of a trust. As a leading estate planning law firm serving Palm Beach Gardens and surrounding areas, we help our clients understand the types of trusts best suited to their unique needs and offer expertise in creating trusts as part of a comprehensive estate plan. Contact our Palm Beach Gardens trusts lawyers today for advice and assistance in creating trusts and appointing suitable trustees.
What Is a Trust?
A trust is a legal arrangement in which one party, known as the trustee, holds and manages assets on behalf of another party, called the beneficiary. Trusts are versatile estate planning tools that can be tailored to a variety of financial goals, from providing for loved ones to protecting assets from creditors or ensuring proper care for a family member with special needs.
Trusts allow for greater control over how and when assets are distributed, giving you peace of mind that your estate will be handled according to your wishes. There are many types of trusts, each serving a different purpose. Below are some of the most common trusts we help clients create:
1. Revocable Living Trust
A revocable living trust allows you to retain control of your assets during your lifetime while providing a seamless transition of management upon your incapacity or death. This type of trust can be altered or revoked at any time while you are alive. One of the main benefits is that assets in a revocable living trust avoid probate, which can save time and legal fees and help maintain your family’s privacy.
2. Irrevocable Trust
Unlike a revocable trust, an irrevocable trust cannot be modified once it is established. Because of its permanence, an irrevocable trust provides stronger protection from creditors and estate taxes. This trust is ideal for those looking to reduce the taxable estate or planning for the expenses of long-term care.
3. Special Needs Trust
A special needs trust allows you to provide financial support to a family member with a disability without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). This ensures your loved one can enjoy an enhanced quality of life while still receiving essential public assistance.
4. Charitable Remainder Trust
If you wish to leave a legacy through charitable giving while receiving an income stream during your lifetime, a charitable remainder trust can be an effective option. This type of trust allows you to donate to a charity of your choice while also receiving potential tax benefits.
5. Spendthrift Trust
A spendthrift trust is designed to protect beneficiaries who may not be financially responsible or who could be vulnerable to creditors. This trust provides the trustee with discretion over how and when distributions are made, ensuring that the assets are used responsibly.
Benefits of Establishing a Trust
Creating a trust offers numerous benefits beyond avoiding probate. Some key advantages include:
- Privacy: Unlike a will, which becomes a public record during probate, a trust keeps your estate details private.
- Control: You can specify how and when your assets are distributed, providing structure and protection for beneficiaries who may not yet be ready to manage an inheritance.
- Tax Planning: Certain trusts can reduce estate taxes, which can be especially important for high-net-worth individuals.
- Protection: Trusts can shield your assets from creditors and lawsuits, ensuring that your wealth is preserved for future generations.
- Continuity: Trusts offer smooth management of assets in the event of your incapacity, sparing your family from unnecessary legal proceedings or complications.
Do I Need a Trust?
While not everyone requires a trust, many individuals and families can benefit from the advantages they provide. A trust may be right for you if:
- You want to avoid the probate process
- You own property in multiple states
- You wish to protect assets from creditors or lawsuits
- You want to provide for a loved one with special needs
- You have specific instructions on how your estate should be handled after your passing
How Kitroser Lewis & Mighdoll Can Help With Trusts in Palm Beach Gardens
At Kitroser Lewis & Mighdoll, our experienced trusts and estates attorneys will evaluate your financial situation and goals to determine whether a trust is right for you. We take the time to explain your options and ensure that your trust is set up in accordance with Florida law, providing you with the peace of mind that your estate is secure.
Contact us today by calling 561-721-0600 or filling out our online form to schedule a consultation and start planning for your future. Whether you are looking to create a revocable living trust, an irrevocable trust, or a special needs trust, we are here to help you protect your assets and provide for your loved ones.