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Fort Lauderdale Irrevocable Trusts Attorney

Fort Lauderdale Living Trusts Lawyer

Lawyers for Irrevocable Trusts Serving Broward County

The idea of an irrevocable trust may seem unsettling. It is perfectly reasonable to fear losing control of your assets by placing them in a trust you cannot revoke. Contrary to popular belief, however, Florida state law establishes several ways to terminate or modify an irrevocable trust should the need arise. Irrevocable trusts also offer several financial benefits, including asset protection features and probate avoidance.

The Law Office of Miller & Miller, P.A. will examine your unique personal circumstances to help you determine whether an irrevocable trust should be a part of your comprehensive estate plan. Our experienced attorneys are skilled at creating irrevocable trusts that provide for the possibility of later modification or termination.

Oakland Park Law Firm for Asset Protection Through Irrevocable Trusts

One of the main reasons people choose irrevocable trusts over revocable trusts is for their strong asset protection features. There are a number of provisions that can be used to keep trust assets safe from creditors and tax liabilities. When you create an irrevocable trust and place property in it, the trust now owns that property, and it is under the trustee's control. The terms of the trust will dictate how, when, and why the trustee distributes funds from the trust. In many cases you can serve as your own trustee.

The trustee is a fiduciary, required to act strictly in the beneficiaries' interests. A trustee cannot be forced to distribute trust funds by beneficiaries' creditors, as beneficiaries could not choose to withdraw the funds themselves. Spendthrift provisions can be included to block beneficiaries from assigning their interest in the trust to a third party - the trust is irrevocable as to them too.

Irrevocable trusts also offer limited tax benefits, as income generated by trust property is exempted from income tax liability. As part of avoiding the overall burden of probate, property transferred after death through an irrevocable trust can avoid estate taxes.

The Law Office of Miller & Miller, P.A. will review all your options with you to ensure that the irrevocable trust we design for you accurately reflects all your wishes and meets the requirements of your unique situation.

Alterable Irrevocable Trusts

It is entirely possible in Florida for a skilled attorney to create an irrevocable trust that leaves open the potential for future modification. While it is more difficult to make changes to an irrevocable trust, it can be done. You and your beneficiaries may be able to make modifications according to the terms of the trust.

There are other limited circumstances where Florida courts will allow modifications to irrevocable trusts. If all beneficiaries agree, they may be able to make changes to the trust by mutual consent. When trusts are created for testamentary purposes, the needs of your beneficiaries could change substantially, making a change necessary to reflect your intention. Or, courts may permit alterations if the purpose of the trust can no longer be carried out.

Because the potential for making changes once an irrevocable trust is created often depends on the terms of the trust itself, it is critical that these terms are well-constructed by a knowledgeable attorney. The Law Office of Miller & Miller, P.A. is experienced at creating irrevocable trusts that remain flexible and allow our clients to retain control over their trust property.

Call a Broward County Irrevocable Trusts Lawyer

If you are interested in learning more about how an irrevocable trust can protect your assets from creditors without stripping you of control, our lawyers can advise you of your options. At the Law Office of Miller & Miller, P.A., we carefully consider each client's unique set of personal circumstances when designing a customized comprehensive estate plan. Contact our office or call 954-981-9301 to schedule a free consultation with a qualified attorney. We serve clients throughout Broward County in Pompano Beach, Oakland Park, Wilton Manors, and Fort Lauderdale.

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