Are you considering amending your estate plan in West Palm Beach? Have you weighed the pros and cons of including different trusts to your plan? Various things like real estate trusts, spendthrift trusts and special needs trusts may offer protections you want. Protections that a Last Will and Testament just cannot provide. What do these different trusts do in West Palm Beach?
Real Estate Trusts
- A real estate trust is formed in West Palm Beach to hold onto real property also called real estate.
- What about your homestead protections?
- Do not worry an experienced Palm Beach estate planner / attorney can explain why thetax benefits and protections continue through the trust onto you and the property.
- Why create such a trust?
- These can turn your real property into non-probate property that can pass outside of your will.
- Do you know why that is so important?
Spendthrift Trusts
- These trusts can be used to protect your heirs into the future.
- Do you know what your kids will do with their 2 million dollar inheritance?
- Probably nothing constructive if they like to spend lavishly!
- A spendthrift clause in your trust document could create an affordable safety net to make sure that does not happen.
- Do you know how a spendthrift clause works in West Palm Beach?
- Does your trust already have one and you did not even know it?
Special Needs Trusts
- What is a special needs trust?
- If you have a loved one with special needs and seek to leave them resources after your death listen up.
- There are big implications that you need to be aware of because if your loved one gets more than $6000 in assets their rights to benefits may cut off.
- The trust avoids this issue and puts the assets away from government counters!
- What else can a special needs trust do for you in West Palm Beach?
- The truth is these like any trust are flexible and can be used to suit your needs.