West Palm Beach Trusts Attorney

An Essential Tool for Estate Planning

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 West Palm Beach trust 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.

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 trust 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.

What is the difference between a revocable and irrevocable trust?

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 to suit your specific wishes

There are many different types of trusts available, each with their distinct benefits. Some of the most common types of trusts include:

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.
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.
Special needs trusts: Disabled persons typically receive some form of government benefits that could be negatively impacted upon the receipt of an inheritance or gift. A special needs or supplemental needs trust is an effective way to provide monetary support for a disabled beneficiary that does not make them ineligible to receive government benefits.
Spendthrift trusts: In some cases, people wish to leave money or assets to a beneficiary that may be likely to misuse the inheritance. A spendthrift trust allows the grantor to appoint a trustee and establish specific conditions related to the distribution of assets that protect against irresponsible use.
Pet trusts: Pets are an integral part of the family for many individuals. A pet trust allows you to designate a caregiver of your own choosing and provide the means and instructions for the care of your pet after your death.
Charitable trusts: Charitable and charitable remainder trusts are a great way to donate assets or money to a charitable organization that is dear to your heart. These types of trusts often provide valuable tax and income benefits for you and your beneficiaries.

These are just a few of the many trusts available. Our experienced West Palm Beach trust lawyer provide the resources you need to understand the differences and determine which strategy is best for your specific situation.

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.

Get the peace of mind you need from respected West Palm Beach trust planning lawyers

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 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.