Boca Raton Trust Lawyer
Many types of trusts can be used to create a comprehensive and effective estate plan.
A trust can be used to protect your assets, ensure your property passes to beneficiaries exactly as you wish, ease the burden of medical expenses and taxes on your heirs, or support a worthwhile charity. With several specific trusts, each with a unique purpose, you may achieve all the above and transfer your assets without the necessity of probate, which can be a long and drawn out process, in addition to being expensive. At Protect My Assets Law Group, our Boca Raton trust lawyers possess the knowledge and experience to set up all types of trusts depending on our clients’ needs. With us, you can be confident you have the right trust (or trusts) to achieve your estate planning goals.
After careful consideration, your estate plan may come to include one or more of the following trusts:
- Revocable trust
- Irrevocable trust
- Charitable remainder trust
- Annuity trust
- Life insurance trust
- Medicaid planning trust
- SNT – special needs trust
- Various grantor retained interest trusts (GRITS, GRATS, GRUTS)
A revocable trust can effectively avoid the probate process.
With a properly drafted and executed estate plan, a revocable trust (also known as an “inter vivos trust” or “living trust”) can effectively avoid the probate process by allowing assets to pass directly to trust beneficiaries. When you are the trustee of your own revocable trust, you have complete control over all your assets that are being held in trust until you die or become incapacitated, at which point the management of your trust will be transferred to a successor trustee whom you’ve appointed. You may change the terms of a revocable trust during your lifetime if circumstances arise necessitating a modification.
While a revocable trust will help avoid probate, a revocable trust does not protect the assets funded into it from creditors. Assets also remain subject to federal estate taxes if your estate exceeds the inheritance tax threshold. We can advise you on whether a revocable trust will be advantageous in your circumstances.
An irrevocable trust provides asset protection in addition to bypassing probate.
When you have a large estate, an important aspect of your estate plan is determining how to avoid federal estate taxes, which can substantially diminish the amount of funds you ultimately pass on to your heirs. For some, establishing an irrevocable trust is the best option to protect assets. Like a revocable trust, an irrevocable trust allows assets funded into it to avoid the probate process in most cases. In addition, an irrevocable trust provides for asset protection because the irrevocable trust is considered a separate taxpayer, thus reducing estate appreciation and estate tax, and providing creditor protection.
Charitable remainder trusts, life insurance trusts, Medicaid planning trusts, special needs trusts, and grantor retained interest trusts are all irrevocable trusts, and will protect assets. However, once an irrevocable trust is created, it cannot be altered. Note that you will lose control of the assets placed in the trust, but all the assets placed in an irrevocable trust are removed from your estate, making this a convenient way to keep the value of a large estate beneath the federal estate tax threshold.
Make an appointment with one of our Boca Raton trust lawyers to discover how a trust can achieve your estate planning goals.
At Protect My Assets Law Group, we have extensive experience using revocable and irrevocable trusts to help our clients do with their assets as they choose—whether that’s allowing beneficiaries to inherit, making a charitable gift, or much more. Contact us today to discuss your needs and aspirations for your assets and loved ones, and we’ll help you determine how to best use trusts to achieve your goals.