There are many types of trusts.
- Revocable trusts can be changed or amended at any time.
- Irrevocable trusts cannot be changed.
- Inter-vivos trusts are created during your lifetime.
- Testamentary trusts are included in your last will and testament, but do not take effect until you have died and your will has been submitted for probate.
Revocable and inter-vivos trusts are often used for money management during someone’s lifetime and to distribute assets without a probate after someone has died.
Testamentary trusts can be used to protect a disabled child or grandchild or to shelter or guard assets.
Trusts that protect assets against medicaid are always irrevocable.
At Makofsky Law Group, P.C., the experienced Long Island estate planning attorneys each have years of experience helping clients plan for the future and protect their assets. To schedule an appointment with a lawyer at Makofsky Law Group, P.C. call (516) 228-6522