If you live in Florida, you’ve chosen a dynamic and exciting place to call home. Whether you live near the classic resorts in Palm Beach or enjoy the one-of-a-kind nightlife in Miami, Florida can be an appealing place to live alone, with a family, or after retirement in old age. If you want to make sure your assets and Florida property are passed down properly, you need to carefully plan an estate plan with your attorney at The Millman Law Group. A revocable living trust is a critical estate planning tool that allows you to make any necessary alterations to your plan over time, something irrevocable trusts do not allow. The Millman Law Group, led by Aaron D. Millman, Esq., CPA, is here to provide Florida residents with the legal assistance they need to prepare for their family’s future. If you want to learn more about creating a revocable living trust in Florida, contact The Millman Law Group today.

How to Use a Revocable Living Trust in your Florida Estate Plan 

Your estate planning lawyer may advise you to create a revocable living trust in Florida because the flexibility of revocable living trusts appeals to most people. When you transfer an asset into your living trust, the title ownership changes, and the trust becomes the new owner.

As long as you live, you are the trustee until you choose someone else. Should you become incapacitated or pass away, a replacement trustee is chosen. You might need to draft a will in addition to the revocable living trust. It’s also important to know that the trust does not offer tax benefits while you are alive and is susceptible to creditors because it is in your name. 

The Benefits of a Revocable Living Trust in Florida 

You might consider creating a revocable living trust in Florida for several reasons. You can benefit from this trust in the following ways: 

• Protect Assets for Beneficiaries: You might include a “spendthrift provision” to protect the trust from creditors. 
• Avoid Guardianship Court: No guardianship is necessary when your assets are in a trust. 
• Maintain Control: Your living trust helps you determine how assets are allocated. You can specify whether trusts are distributed immediately or over time if they are held in the trust until the recipient reaches the age of majority. 
• Avoid Probate Court: Avoid this process by naming assets under a trust rather than your name. 
• Benefit People with Special Needs: If beneficiaries rely on Medicare or government assistance, the inheritance counts against them when determining eligibility for government benefits. When using a special needs trust, the assets can complement the benefits rather than disqualify someone from eligibility. 
• Provide for Minors: If a minor receives over $15,000, you must appoint a guardian. However, you can avoid this by putting the inheritance in trust. 

A Florida revocable living trust is a logical substitute if you have assets typically subject to probate. If one of the beneficiaries is a minor who cannot handle large sums of money, it might also be prudent. A revocable living trust helps guarantee that your desires are carried out, regardless of how you decide to share your assets. 

Explore Additional Estate Planning Tools with The Millman Law Group

Your estate planning attorney will use several strategies to draft a comprehensive estate plan to achieve the desired results. These tools include:

• Wills: These are essential for transferring assets. 
• Health Care Proxies and Living Wills: Your living will, and proxy will specify your preferences for medical care if you become incapacitated. 
• Special Needs Trust: Gift assets to beneficiaries with special needs without denying them access to government benefits. 

If you want to be in charge of what happens to your property after you die, estate planning might be helpful. Making an estate plan is the best way to ensure your wishes are fulfilled. 

Read Our Customer Reviews 

To learn more about the assistance and support we offer to our clients in Florida, read some of our customer reviews: 

• “Aaron Millman is the best estate lawyer to set up and amend your revocable trust. My experience has been perfect. He finds solutions tailored to your individual situation, and explains everything clearly. Don’t go anywhere else. You found the best!” – Genevieve Tastet
• “Mr. Millman is wonderful. He assisted my family immediately and relieved us of a lot of stress and uncertainty. He answered all of our questions thoroughly and walked us through the process step by step seamlessly. I would recommend him to anyone in need of an estate attorney. Thank you so much, we are very appreciative!” – Jillian Ritter
• “Would absolutely recommend Millman Law Group. Worked with them on Estate and Trust work and right from the outset impressed by their ability to understand the issues and provide creative thinking & solutions.” – Gary Stromberg

Contact The Millman Law Group To Create Your Revocable Living Trust in Florida

Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.