Whether you are planning for the future of your children, loved ones with special needs, or your own incapacity, we want to provide you with answers. Our Nassau County estate planning attorneys strive to make a difference in the lives of families by helping create comprehensive plans for their estates.
There are two basic categories of trusts that they all fall under. Testamentary trusts are created through a will and they do not go into effect until you pass away. These trusts have no power until the grantor’s will is probated. Testamentary trusts do not allow for the avoidance of probate and they can be used to accomplish a variety of other estate planning goals.
Inter vivos trusts, or living trusts, are in effect throughout your lifetime. Living trusts are beneficial for estates of any size. It allows for an efficient distribution of assets for beneficiaries of their loved one’s estate and it keeps assets within the trust exempt from probate.
A Revocable trust is a form of living trust because it can be terminated by the creator, which means that he or she is still alive to modify or terminate it. The creator of the trust will generally serve as both the trustee and beneficiary, and will maintain control over all of the property that is transferred to it. Once the grantor’s death, the trust will become an irrevocable trust and is passed on to the beneficiaries.
If you choose an irrevocable trust, it will not be able to be modified and is written for the purpose of ensuring that your estate will be handled according to your own wishes. In many cases, revocable trusts are written for the purpose of becoming revocable once the creator dies. Once an irrevocable trust has been finalized, unlike a revocable trust, it cannot be dissolved.
There are many benefits to a supplemental needs trust, first of which is to allow the donor to provide continuous care for a disabled person, even after he is she is no longer around to personally provide this care. If the supplemental needs trust is well drafted, the beneficiary will have access to trust assets for care that is outside of the public benefits programs. This type of trust can be created by the donor during his or her lifetime or can be included in a will.
At Davidov Law Group, our goal is to help families prepare for the future. With more than 25 years of experience, we can help you understand the best route to pave the way for your beneficiaries and to protect your legacy. Contact us today so that we can help you make the best choice for you and your family.