Should I Choose to Place My Assets in A Trust?


You’ve worked hard to secure your present financial security, but what about your future? Your family’s future? There are many options available for the future of your assets, but few present the flexibility and security of trust financial planning Palm Beach. At Legacy Financial Partners, we want you to be informed so you can make the best decision for your situation.

What is a Trust?

A trust is a legally binding document that holds the ownership of selected assets, and it’s often used as an alternative to wills to avoid the time-consuming settling process. Trusts are versatile documents that can be written to distribute funds over time or require that certain requirements are met before a family member receives the assets.

What are the Types of Trusts?

There are two main types of trusts – revocable and irrevocable:

Revocable Trusts

Also known as a living trust, this option allows you to change the terms of under which the assets are distributed at any time. You may remove beneficiaries, adjust stipulations, and assign new rules for managing the trust. Although revocable trust financial planning Palm Beach does offer a higher degree of flexibility, they can be targeted by creditors and subject to both state and federal taxes.

Irrevocable Trusts

The terms of irrevocable trusts are rigid and cannot be changed once the agreement is signed. Although this option does not allow you to change the terms, the main benefit is that they remove the assets from the benefactor’s taxable estate, meaning they cannot be taxed.

What are the Benefits of a Trust?

  • Avoids the tedious and time-consuming probate process
  • Protects your assets from creditors
  • Reduces or potentially eliminates estate and gift taxes
  • Can provide parameters to distribute assets exactly how you want

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Want to Secure Your Financial Future with a Trust in Palm Beach?

The future will always be fogged by uncertainty, but we can make things clearer with trust financial planning Palm Beach. Legacy Financial Partners has the tools and experts to guide you through your financial planning. We can ensure that your assets are safe for your family. Schedule a meeting today to find out about your options!

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If you’d like to hear more information about any of our products or services, schedule a meeting today or register to attend a seminar.