Are you in the process of crafting a West Palm Beach estate plan? Have you consulted an experienced Palm Beach probate attorney regarding different trust and will options available to you? You may be left with some questions, for example are your adult children ready for an inheritance?
Managing Wealth in West Palm Beach
- Leaving an inheritance is important but most people in West Palm Beach also want to know that the inheritance will be there for generations to come.
- You are not alone if you are concerned about how your adult children will handle theirinheritance in West Palm Beach.
- Have you considered the use a trust?
- What other options are there to protect your wealth after it is gone?
- You may want to speak to an experienced estate planner who knows how to make the wealth last in West Palm Beach.
- There are various ways to make sure you are not leaving millions of dollars outright to your children.
Trusts in West Palm Beach
- One great way to protect your inheritance and wealth is by forming a West Palm Beach trust.
- Trusts come in many forms.
- You can form a real estate trust to protect the family home or an investment trust to manage the family portfolio.
- More importantly there are trusts that can protect the family inheritance from spendthrifts.
- Do you know what a spendthrift is?
- A spendthrift is a bit of a dated term but in short it is someone who likes to spend money.
- A trust can be established to protect from these type of issues.
- Do you already have a trust established in West Palm Beach to help effectuate your inheritance and estate plans?
- Does it have a spendthrift clause?
- These clauses do two things.
- First it is going to make it so the beneficiary cannot spend their distributions before they get them.
- Second it keeps creditors from attacking the trust assets of a spendthrift beneficiary.
- Does this sound like something you need?
- Talk to a probate litigator with experience in West Palm Beach.