Trust and Asset Protection
Lake Worth Trust and Asset Lawyers Serving the Entire State of Florida
How Our Trust & Asset Lawyers Help
At Marecki Law Firm, we know 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 Lake Worth trust & asset protection attorneys today for experienced legal guidance and comprehensive representation.
Proper asset protection planning ensures that your property is distributed according to your wishes and reduces overall tax liability.
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Lake Worth Asset Lawyers
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.
- 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.
Medical Trusts and Special Needs
Protect Your Lifetime 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 practice and we would be happy to help you.
