Wills and Trusts Lawyers Palm Beach| 24/7 Call- (561)-656-0200
Estate planning is about much more than just giving away property. It is an act of love and kindness, with the ultimate goal of providing for the future financial security of your loved one. At Doane & Doane, our Wills and Trusts Attorneys West Palm Beach help people plan for retirement, make provisions for loved ones, and minimize tax liability. Experienced wills and trusts attorneys know which tools to use to get the best results for their clients.
Our lawyers can help you determine which tools are best suited to your specific circumstances.
Wills Lawyer Palm Beach
West Palm Beach will attorneys: legal declaration in which the writer (known as the testator) names the individuals and/or charities to receive the testator’s assets (known as the estate) upon the testator’s death. A will also name one or more persons (known as a personal representative, executor, or executrix), to manage the estate and distribute the estate’s assets. A will may further establish various trusts for the benefit of children and/or incapacitated persons.
West Palm Beach trust attorneys: An agreement enabling a person (known as the trustor or settlor) to give his or her assets to another person (known as the trustee) to hold for the benefit of one or more third parties (known as the beneficiary or beneficiaries).
Revocable Living Trusts
A trust in which the trustor, while alive, retains the right to manage the assets, yet allows the assets to be passed to beneficiaries upon the trustor’s death without the need for probate (a court proceeding). Benefits of revocable living trusts include reduced taxes, safeguarding financial privacy, and regulating the use of assets if the trustor becomes incapacitated.
A trust that cannot be changed once it is established.
Irrevocable life insurance trust. A trust that owns the trustor’s life insurance policy. The trust pays the premiums and gives the death benefit to the beneficiaries upon the trustor’s death. Since the death benefit is thus removed from the trustor’s estate, it is not subject to estate taxes.
Charitable trust. A trust that provides a portion of the trustor’s property or money to a charity, thus reducing subsequent estate taxes, avoiding capital gains on the donated assets, and qualifying for an income tax deduction for charitable giving.
Generation-skipping (perpetual/dynasty) trust. A trust in which no direct ownership is transferred to any beneficiary. Instead, trust assets are permitted to grow, with partial distributions to successive generations. The trust’s assets are valued as of the time the trust was created, with appreciation being exempt from estate taxes.