When leaving money or assets to your heirs, it’s natural to want to ensure they benefit fully from your generosity. However, if you’re concerned about a beneficiary’s ability to manage their inheritance responsibly, a spendthrift trust can provide peace of mind. These trusts are designed to protect your heirs from mismanaging their inheritance while still allowing them to enjoy financial security and the assets you’ve thoughtfully provided.

For families in Florida, including communities in Miami and Palm Beach, spendthrift trusts offer a practical solution to safeguard wealth and support loved ones for years to come. These trusts can also shield assets from creditors or other potential financial risks your heirs might face.

The experienced estate planning attorneys at The Millman Law Group are here to help you create a customized spendthrift trust tailored to your family’s needs. Founded by Aaron D. Millman, Esq., CPA, The Millman Law Group is dedicated to serving Florida families with comprehensive and compassionate estate planning services.

Contact us today to learn more about how spendthrift trusts in Florida can protect your legacy and provide long-term financial security for your loved ones. Let us guide you in making thoughtful decisions for your family’s future.

Adding a Spendthrift Trust to Your Estate Plan 

Spendthrift trusts are a type of irrevocable trust created while the grantor (creator) is still alive. Within a revocable trust, a spendthrift trust can be established, and will take effect upon the grantor’s passing. What makes a trust a spendthrift trust is the spendthrift clause. According to the clause, the beneficiary would receive their assets or inheritance gradually rather than all at once. The amount of money awarded and the timing of its delivery to the recipient are decided by the grantor. 

Why Do People Use Spendthrift Trusts in Florida? 

For a number of reasons, including debt protection and excessive spending, people in Florida may choose to establish spendthrift trusts. 

Protect Your Beneficiaries From Poor Spending

Create a spendthrift trust to shield your heirs from their poor spending habits. Instead of receiving a single sum of money that they can spend quickly, the successor receives a consistent flow of income since the trust regulates how much money is received and when it is provided. 

Protect Your Heirs From Possible Creditors

Since the recipient does not own the trust assets, creditors are unable to recover them. The spendthrift trust can therefore assist a debtor in preserving their inheritance. The trust offers further security against successors making poor financial choices because it cannot be utilized to obtain new debt. 

Create Your Estate Plan with Your Millman Law Group Attorney

Spendthrift trusts in Florida can be customized to your situation with the help of your Millman Law Group lawyer. This trust requires a careful examination by a qualified lawyer due to its nature. This is due to the fact that trusts have to be able to resist attempts by creditors and beneficiaries to seize and recover assets.

Schedule a Consultation Today

To make sure the spendthrift trust will survive any legal challenges, speak with an attorney. To discuss your concerns about preserving and protecting your assets in Florida, or to schedule a free consultation with one of our experts, give your Millman Law Group lawyer a call today. 

Read Our Client Testimonials

To learn more about the assistance and support we offer to our clients in Florida, read a few of our client testimonials:

• “My husband and I had a great experience with Aaron Millman and his staff; we have used him as our attorney for a number of years, and he has written and revised our trust and will with clear explanation and in a timely manner; his staff is a pleasure to work with, as well.” – Barbara F. 
• “I have been a client of The Millman Law Group for several years and have consistently received exceptional service. Their team is always professional, courteous, and attentive to my needs. Every time I reach out, they handle my inquiries with a personalized approach, ensuring that my interests are always prioritized. Their guidance has been invaluable, consistently helping me make well-informed decisions tailored to each unique situation. The firm’s commitment to client care and expertise is truly commendable.” – Michael
• “Very knowledgeable- friendly- clearly understood our issues- offered excellent solutions.” – Allen R. 

Contact The Millman Law Group To Create Spendthrift Trusts 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.