Using Trusts to Protect and Manage Your Assets
You can choose from a wide array of trusts to help pass your estate to your children or other heirs. Finding the right trust or combination of trusts for your needs requires the assistance of a well-seasoned estate planning attorney.
At Makofsky Law Group, P.C., our lawyers each have years of experience helping clients plan for the future and protecting their assets. We believe each client is unique with whom we will work to develop a strategy that is tailored to fit the client’s particular situation. Every trust is not the same and different trusts are used for different purposes.
Examples of commonly used trusts include:
- Irrevocable Trust: permits you to shelter assets from Medicaid and other creditors or to reduce estate taxes.
- Revocable Trust: allows you to manage your money while you are still able, and to have a trustee manage your money if you become unable to do so. Trust assets pass to your beneficiaries at death without probate.
- Insurance Trust: removes the proceeds of a life insurance policy from your taxable estate, thereby increasing your beneficiaries’ inheritance by reducing your taxable estate.
- Special Needs Trust: an essential part of special needs planning, these trusts provide long-term support for a special needs child or adult by making payments that supplement the care that a child is getting under government entitlement programs such as Medicaid and SSI. Special needs trusts also provide money management tools for an individual with special needs.
- Testamentary Trust: can be used within a Will to protect a disabled child, to protect spendthrift children and to reduce estate taxes. Credit shelter trusts also known as bypass trusts, A/B trusts and disclaimer trusts are often incorporated into an estate plan as testamentary trusts.
This is a very brief overview. You should talk with an attorney to find out what trust or combination of trusts is best for you. To schedule an appointment with a lawyer at Makofsky Law Group, P.C., call (516) 228-6522 or contact us online. We would be happy to meet with you.
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*Certified by the National Elder Law Foundation.
The National Elder Law Foundation is not affiliated with any governmental authority. Certification is not a requirement for the practice of law in the State of New York and does not necessarily indicate greater competence than other attorneys experienced in this field of law.
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*Certified as an Elder Law Attorney by the National Elder Law Foundation as approved by the American Bar Association. Certification is not required for the practice of law in the State of New York.