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Although my mother always told me to never answer a question with a question (sorry mom!), my initial response is a question – what are you looking to accomplish by having a trust?
Trusts come in various shapes and sizes, and they can be tailored to meet a multitude of situations or concerns. Living trusts are trusts that are established during lifetime. These types of trusts come in two broad categories – revocable and irrevocable. If your primary goal is to avoid probate, then a revocable trust may be right for you. If you are looking for asset protection, then the trust needs to be irrevocable. In the past, I have had to help clients undo their revocable trusts because they thought the revocable trust would protect them and their assets. Don’t make the same misguided step.
A living trust can be an incredibly valuable estate planning tool, but it is critical to meet with an experienced estate planning attorney who will ask you the right questions so that, if indeed a trust is right for you, it is the right trust for you.
To learn more about which type of trust is right for you and your family, contact us today at 800-680-1717.
Vincent J. Russo & Associates, P.C.
1600 Stewart Avenue, Suite 300
Westbury, NY 11590