Using Irrevocable Trusts To Pass On Your Wealth
You worked hard for years to build a comfortable lifestyle for you and your loved ones. Now, you are considering how to pass your wealth on to the next generation. There are many tools available to help you, but which ones should you use?
One of the best options is an irrevocable trust. At Friedman Elder Law Department, LLC, attorney Heidi Friedman can assist you in using irrevocable trusts to preserve your assets for your beneficiaries. Based in Coral Springs but assisting clients throughout South Florida, she will explain your options and help you decide whether these trusts are right for you.
How Do Irrevocable Trusts Work?
An irrevocable trust is a financial arrangement in which you leave property or assets in the care of a trustee for the sake of a beneficiary. Once you create an irrevocable trust, you cannot modify its terms and conditions without the permission of the beneficiary. Though you lose a degree of control over the assets, there are three major incentives:
- You minimize estate taxes
- You may retain eligibility for certain benefits, including Medicaid
- You protect the assets from creditors
Because these trusts are quite difficult to modify, you should always discuss them in depth with an experienced attorney before deciding to place your assets in one.
A Board-Certified Specialist In Elder Law
Heidi Friedman is the knowledgeable attorney to assist you. The Florida Bar Board of Legal Specialization & Education has certified her in elder law. As a Board-Certified Expert, Heidi works with individuals and families throughout Florida to select the methods of asset protection that are best for them. She helps them create plans to preserve their wealth for their inheritors.
Ask About Irrevocable Trusts In Your Free Consultation
When you need the guidance of an elder law attorney, Heidi Friedman of Friedman Elder Law Department, LLC, is here for you. Contact her to discuss irrevocable trusts and your other financial options. Schedule an initial consultation by calling 954-546-7605 or using this online contact form.