Determining The Types Of Trusts To Suit Your Needs
A trust can be a valuable component of any estate plan. Trusts are not reserved for the wealthy and can benefit people from all walks of life. There are a number of different trusts available to help meet a wide variety of needs and desires. At the law firm of Bashian P.C., our attorneys can help you identify your goals and determine the types of trusts that can help you achieve those goals.
Our lawyers help set up a wide range of trusts depending on the needs of our clients, including:
Revocable living trusts: This type of trust is similar to a will in that it contains instructions about what will happen to your assets after you are gone. Unlike a will, a properly set up trust of this nature can avoid the need to probate your estate and can enable you to keep the records of your estate private. Legally, you will not personally own anything that gets placed in this type of trust. However, if you name yourself as the trustee, you can continue to buy, sell and manage your assets as you had before.
Irrevocable trusts: Like a revocable living trust, this type of trust will place all of your assets into the trust. However, you will not have control of your assets and you will be unable to change the terms of the trust. The advantage of this type of trust is that it allows you to safeguard your assets from creditors and subtracts the value of these assets from your estate, often reducing or eliminating any estate taxes.
Special needs trusts: A special needs trust enables you to plan for a disabled child’s or a disabled loved one’s future. This type of trust can help ensure their financial and medical needs will be met, while also avoiding tax implications and eligibility rules for Medicaid.
Contact Us For Comprehensive Estate Planning Services
To learn more about various types of trusts and how they relate to your estate plan, call us at 914-290-4550. You may also contact us online. We have office locations in White Plains, New York, and Greenwich, Connecticut.