Creating a trust for the benefit of loved ones can be a challenging experience. You want to provide your loved ones with a degree of financial stability that they may not necessarily have on their own. But how do you provide access to financial assistance in such a way that will provide them with the greatest benefit in the most secure fashion and make those resources last for as long as possible?
Beneficiary trusts can provide the level of assurance that you need. These trusts can provide financial security to loved ones while keeping the funds safe from a wide variety of threats, including:
- Divorce: During a divorce, most assets are considered marital property and will be part of the division of property. A beneficiary trust will remain separate property and not be divided.
- Judgments and bankruptcy: As the assets in a beneficiary trust are not titled to the beneficiary, they will be protected in the event of a lawsuit or bankruptcy.
- Government benefits: When attempting to qualify for Medicaid or other government benefits which look at assets and income, a beneficiary trust offers certain protections.
A beneficiary trust can also be structured in such a way that the beneficiary has limitations to his or her access to the trust assets. This is highly useful when the person who you are attempting to provide for has a history of less than thrifty behavior or is receiving disability benefits.
AV Preeminent* rated, Master of Laws in Elder Law, member of the National Academy of Elder Law Attorneys (NAELA), member of the Academy of Florida Elder Law Attorneys (AFELA)
At The Charles Law Offices, our Clearwater beneficiary trust attorney is committed to helping you provide for your loved ones in the most secure ways possible. Our experience with establishing beneficiary trusts and their integration into an overall estate plan allows us to help our clients to achieve their specific goals while balancing their larger aims.
Contact a Largo Asset Protection Attorney at The Charles Law Offices
If you are concerned with preserving the principal of a trust from dissipation, creditors and other possibilities, we can help you. At The Charles Law Offices, we take pride in the level of support we provide to our clients. To schedule a free initial consultation with our Florida lawyer, call 727.475.6340, toll free at 866.607.6531 or simply contact us online. We accept credit cards for our clients' convenience.
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*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.
