West Palm Beach Trusts Attorney

An Essential Tool for Estate Planning

At Kitroser Lewis & Mighdoll, we recognize the importance of protecting your assets and ensuring your wishes are honored. Trusts are among the most effective estate planning tools available, helping you achieve various goals, from avoiding probate to reducing estate taxes. Our experienced lawyers are here to assist you in determining the right trusts for your needs and creating personalized solutions as part of a comprehensive estate plan.

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 manage property, financial accounts, and other assets during your lifetime and after your passing. Unlike a will, a trust offers privacy and continuity, avoiding the lengthy and sometimes costly probate process.

Types of Trusts

There are various types of trusts, each tailored to specific goals:

1. Revocable Living Trust
   • This popular trust offers flexibility, allowing you to alter or revoke it during your lifetime. Upon your death, it becomes irrevocable, and your trustee will manage and distribute assets as per your instructions. Revocable trusts avoid probate, ensuring a seamless transition of assets to your beneficiaries.
2. Irrevocable Trust
   • Once established, an irrevocable trust cannot be modified. It is often used to reduce estate taxes and protect assets from creditors. Transferring assets to an irrevocable trust removes them from your taxable estate, potentially saving your heirs significant sums.
3. Special Needs Trust
   • This type of trust provides financial support for a loved one with a disability without jeopardizing their eligibility for government benefits. It allows you to cover expenses such as medical care and education while preserving access to programs like SSI and Medicaid.
4. Charitable Trust
   • If you have philanthropic goals, a charitable trust allows you to donate to causes you care about. Options include charitable remainder trusts and charitable lead trusts, both offering potential tax benefits and supporting charitable organizations during your lifetime or after your passing.
5. Spendthrift Trust
   • Designed for beneficiaries who may not manage money responsibly, a spendthrift trust protects assets from creditors and restricts access until distributions are made according to specific instructions.

Benefits of Establishing a Trust

Establishing a trust offers numerous advantages:

• Avoid Probate: Trust assets bypass the probate process, saving time, reducing costs, and keeping your affairs private.
• Tax Planning: Irrevocable trusts can minimize estate taxes, maximizing the inheritance for your beneficiaries.
• Asset Protection: Trusts shield your assets from creditors and legal claims.
• Control and Flexibility: Revocable living trusts allow you to retain control and adapt as your circumstances change.
• Provide for Loved Ones: Trusts facilitate tailored provisions for beneficiaries, including minors or individuals with special needs.

Creating a trust is a strategic way to ensure your estate is distributed according to your preferences while safeguarding your assets and your family’s financial future. Florida’s trust laws can be complex, but with the help of an experienced estate planning attorney, you can develop a trust that meets your goals and complies with state regulations.

Let Kitroser Lewis & Mighdoll Help You Protect Your Future

Whether you are looking to establish a trust for asset protection, charitable giving, or caring for a loved one, our attorneys have the expertise to guide you through the process. Contact us today at 561-721-0600 or reach out online to take the first step toward securing your family’s future.