A living trust is among the most effective tools to help individuals protect their estates. When you establish a living trust, you will have access to your financial assets just as before, but you will avoid probate and fees upon death. The Law Offices of Craig Donoff, P.A., like to describe a living trust as nothing more than a fancy will that avoids probate.
At the Law Offices of Craig Donoff, P.A., we firmly believe that everyone should explore drafting a living trust. These documents do not solely exist for the benefit of the rich — everyone can take advantage of their protections and their benefits.
Avoiding the probate process, which can eat up as much as 6 percent of your estate in costs, is the main focus of creating a living trust. But there are other benefits as well. We can help you realize them.
The Advantages Of Living Trusts
A living trust offers a number of financial protections and other advantages. Among other things, a living trust:
• Avoids probate and related costs — both financial and emotional
• Is completely flexible — can be changed or canceled at any time
• Preserves privacy — completely confidential
• Lets you keep control even in the event of incapacity or death
• Allows quick distribution of assets to beneficiaries
• Is very hard to contest, thereby reducing the likelihood of legal disputes
• Minimizes emotional stress on your family
• Avoids problems of joint ownership
• Is inexpensive, easy to set up and maintain
• Protects minor children from court-imposed guardianships
• Can protect dependents with special needs
• Saves estate taxes
A spendthrift trust is created after a client’s death to protect a child’s inheritance. For example, your daughter is married and is having marital problems. You want to make sure her inheritance is protected if there is a divorce or her husband is a spendthrift and cannot properly manage money. A spendthrift trust can be drafted to give your daughter an income for life and the power to invade trust principal for her health, maintenance and support. Upon your daughter’s death, the balance of the trust will revert to your grandchildren, per stirpes (by the blood).
Additionally, your trust can stipulate under what circumstances your children may have access to the trust asset.
Whether you have questions about a revocable living trust, an irrevocable life insurance trust, a special needs trust or a spendthrift trust, contact our firm. We offer a free 45-minute consultation, enabling us to answer your questions before you’re obliged to retain us.
Get Started Today
To learn more about our services, reach out to our firm. With offices in Boca Raton and Aventura, we serve throughout southern Florida.
Call us at 561-451-8220 or 800-989-0755. You can also arrange an appointment online.