Trusts

• What is the Best Type of Trust for Me?
• Special Needs Trusts
• Trusts for Estate Tax Planning

Click here to see our Living Trusts Brochure (PDF).

Click here to see our Estate Administration Brochure (PDF).

Click here to see our Elder Law Services Brochure (PDF).

 

If you believe in being prepared no matter what may happen, then you can benefit from a trust. When we’re talking about estate planning, elder law, and special needs planning, we believe strongly in trusts because we have seen our clients benefit in so many ways.

Most people know they need a will. However, trusts are less widely understood and there are many different types of trusts. A living trust is simply a trust that is created by a living person. A testamentary trust is created under a will and is established upon a person’s death. Revocable living trusts can be changed or revoked at any time. Irrevocable trusts cannot be changed, altered, or revoked by you.

What is the Best Type of Trust for Me?

Trusts can be used to accomplish a variety of goals. There are different trusts for different purposes. Trust us, when it comes to trusts - one size does not fit all. There are always tradeoffs when considering a trust. Our job is to advise you as to the best strategy, given your own personal situation.

For example, a revocable living trust can avoid probate upon your death, but the trust does not automatically minimize estate taxes. Further, it cannot protect assets from a nursing home or Medicaid.

Trusts are governed by state law, which means that what may work in one state may not work in another state. That’s one of the potential problems with standard legal forms taken off the Internet or purchased in a stationery store. For example, people who own property in multiple states will encounter particular problems that can be avoided by using a trust. Vincent J. Russo is admitted to the bar in both New York and Florida, so his law firm can cover property in both states with one type of trust.

It is not uncommon for our law firm to review a trust, including a living trust, revocable living trusts, or an irrevocable living trust, that does not meet the objectives of our clients. In addition to helping you choose the right trust(s), an important part of our firm’s job is to make sure that the trust is executed to provide you and your family with the protection you seek from a trust. This means that the trust needs to be properly signed and witnessed correctly, notarized properly, and held in a place where it can be easily found when needed. The trust is worthless unless it is funded with assets.

We can help you with the proper funding of your trust. You don’t want to waste your money on legal fees for something that you either don’t need, or won’t work when it is needed.

Special Needs Trusts

Special needs trusts allow someone under age 65 to put aside money from personal injury and malpractice settlements or an inheritance, while still maintaining eligibility for Medicaid and Supplemental Security Income (SSI). In the past, children with special needs were disinherited and left without assets to maintain themselves. Today, this is done through a Supplemental Needs Trust under New York Law. Read much more about special needs trusts at our Special Needs/People With Disabilities page.

Trusts for Estate Tax Planning

Some trusts are created for the purpose of minimizing or eliminating estate taxes. These include irrevocable life insurance trusts, grantor annuity trusts, credit shelter trusts, marital trusts, and QTIP trusts. An irrevocable life insurance trust can be set up so that life insurance proceeds escape estate taxes, and can be used to pay estate taxes or provide liquidity for family needs. Grantor retained annuity trusts can save estate taxes, while still allowing you to enjoy the income from the trust assets. Read much more about this topic at our Estate Planning page.

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Call the law firm of Vincent J. Russo & Associates, P.C. at 516-683-1717 for a complimentary telephone review and assessment of whether we can help you.