Boca Raton Trust Lawyers
Trusts are legal tools that have been used since the Middle Ages. Many types of trusts are used today, and the one that is best for you will depend on your personal situation. Below, our Boca Raton trust lawyers outline the types of legal documents available, so you can determine which one, or ones, are right for you.
Living Trusts
Living Trusts can be either revocable or irrevocable. A revocable Trust can be modified or changed. Irrevocable Trusts can also be modified, but doing so is much more difficult and the Trust must be worded properly to allow for changes. Living Trusts are an agreement between the trustor, or the person who creates the trust, and the trustee, or the individual or entity responsible for administering the trust. Living Trusts determine how certain assets will be managed and distributed.
Revocable and Irrevocable Trusts
Revocable Trusts include terms within the agreement that allow for a change or termination. With a revocable trust, you can outline how your assets will be managed throughout your lifetime. You can also name another person who will manage the trust in the event that you suffer a disability. Revocable trusts serve the same purpose as a Last Will and Testament while avoiding the time-consuming process of probate.
An irrevocable Trust includes terms within the agreement …….. People with significant assets often decide to create an irrevocable Trust. Once these assets have been placed into the trust, the trustor can no longer access them. The main benefit of irrevocable Trusts is that you can use them to protect your beneficiaries from creditor claims.
Asset Protection Trusts
Asset Protection Trusts are used for many different reasons. An Asset Protection Trust can help your family avoid unnecessary taxes, or prevent Medicaid from seizing certain assets to pay for long-term care. If you are a business owner, you may use the Trust to limit potential exposure for liability by placing certain assets within the Trust..
Special Needs Trust
If you have a loved one with a special need, or you worry about suffering a disability in the future, a Special Needs Trust can ensure that you or your family member still receives the government assistance benefits needed. Government programs such as Supplemental Security Income (SSI) and Medicaid are both needs-based programs. If a person has too much in assets, it can disqualify them from receiving the benefits they need. A Special Needs Trust can provide valuable protection since assets placed into a Special Needs Trust are not countable toward these government benefits
Speak to Our Trust Attorneys in Boca Raton Today
If you need to protect your assets, a Trust is a great way to do it. However, the type of trust you create will greatly affect the amount of protection you have. At SAMUELS WOOD PLLC, our Boca Raton trust lawyers can help you determine which type of Trust is right for you and draft the document properly to minimize challenges and possible future litigation. Call us now at 561-864-3371, or contact us online to schedule a consultation and learn more.
