Which legal trusts are best for your needs? Talk with your lawyer to find out more.
When estate planning, there are many options to consider to create a plan that suits your family’s needs. This is why estate planning with an experienced and knowledgeable lawyer at The Millman Law Group can help you find the best options for your family’s security. One of the many services your attorney can provide is helping you understand the differences between common trusts and determine which can help you provide for your family in the way you see fit. So which legal trusts are best for your family? Consider the following.
Factors That Influence Your Chosen Trusts
No two families are alike when it comes to which trusts are best for them. Still, common factors will be considered, including state and federal estate taxes, family dynamics and relationships, health, life expectancy, and the trust’s purpose. The common reasons for creating a trust include avoiding probate, reducing estate taxes, protecting assets, and determining wealth distribution for heirs. Depending on what you are most concerned about, your lawyer can recommend specific legal trusts for your family.
Revocable Trusts
Revocable legal trusts permit the trust creator, or grantor, to maintain control over your assets in the trust during your lifetime. The trust is “revocable,” which means you can rescind or amend the trust at any time.
Irrevocable Trusts
On the other hand, an irrevocable trust cannot be revoked or altered after it is established. Assets are held permanently in the trust, which will be managed by an appointed trustee.
Marital Trusts
Marital trusts are designed for married couples and activated and provide for the surviving spouse. Assets are officially transferred into the trust once the first spouse dies. Then, the surviving spouse uses the income generated by the assets to live comfortably without their spouse. When the surviving spouse dies, the trust is distributed to the surviving heirs.
Generational Wealth, or Bypass, Trusts
Bypass trusts let you place assets into a trust and leave those assets to the trust once you pass. Instead of your heirs receiving a direct inheritance when you die, they receive an interest in the trust.
Life Insurance Trusts
Consider how the life insurance payout amount will impact your estate value and your heirs. Utilizing a life insurance trust can protect your estate from tax concerns and let you clearly define the parameters for asset distribution to minors or beneficiaries who may not manage money well.
If you want to learn more about which legal trusts are best for your family and can protect your assets while reducing probate expenses, contact The Millman Law Group today.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer 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 also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.