West Palm Beach Trust & Asset Protection Attorney
At the Law Offices of Larry E. Bray, P.A., we appreciate how hard you have worked over the course of your life. We also appreciate that you would like your hard-earned assets to pass to your family in an efficient and effective manner upon your demise. Fortunately, there are time-tested ways to protect your small business or other important assets. A trust can facilitate the smooth distribution of assets, minimize estate taxes and circumvent the potentially lengthy probate process.
Contact our West Palm Beach trust & asset protection attorneys today for experienced legal guidance and comprehensive representation. We have law offices conveniently located in Boca Raton, West Palm Beach, and Lake Worth.
West Palm Beach Living Trust & Asset Protection Attorney
Proper asset protection planning ensures that your property is distributed according to your wishes and reduces overall tax liability. After careful examination of both your financial situation and estate planning goals, we may recommend the formation of certain trusts, including:
- Revocable trusts: Allow you to manage assets while living and distribute them according to your exact wishes upon your demise. By creating a revocable trust, you can avoid the headaches and expense of probate. However, in order for the assets to be exempt from probate, ownership must be transferred by the grantor (the person who created the trust) to the trust itself, a process known as “funding.” The trust is classified as revocable because the grantor is free to terminate it at any point during his or her lifetime.
Our founding attorney, Larry E. Bray, can help you determine if a revocable trust fits your financial planning goals. He will always take the time to explain how revocable trusts work and answer any questions that you may have.
- Irrevocable trusts: Once a grantor places assets into an irrevocable trust, he or she is no longer considered the owner and the assets are therefore not part of their overall taxable estate. This serves to minimize estate taxes, preserve eligibility for Medicaid and avoid the probate process. Please note, assets may not be removed from an irrevocable trust, and the grantor retains no control over these assets.
- Special needs or supplemental needs trusts: Provide care for disabled people under the age of 65. Any assets transferred into the trust are not considered when determining eligibility for Medicaid. This type of trust must be established by a third party and any Medicaid benefits received by the disabled person during their lifetime must be repaid with trust funds upon their death.
Trusts and asset protection are an extremely important focus of our West Palm Beach estate planning attorneys. Contact the Law Offices of Larry E. Bray, P.A. to schedule an appointment with a dedicated West Palm Beach trust & asset protection attorney. We have offices in Boca Raton, West Palm Beach, and Lake Worth.