Trusts

A key part of our estate planning practices includes our trust services. We have the skills and experience level to help you identify the type of trust that would align well with your plans. During an initial consultation, we will address the benefits of drawbacks of a wide range of trusts, such as:

• Revocable trust: This type of trust is designed to allow the individual who set up the trust to remain in complete control. If you decide to establish a revocable trust, you be will able to make changes to the trust as long as you live. This is a valuable way to set aside assets for your minor children to inherit once you pass away without worrying about probate.
• Irrevocable trust: Unlike a revocable trust, an irrevocable trust cannot be modified once it has been established. Our law firm recommends creating an irrevocable trust for specific purposes such as Medicaid planning or gifting of assets. Once you have established an irrevocable trust, you would need to name a trustee to control the assets in the trust.
• Charitable trust: Our legal team is available to help you establish a charitable trust so assets can be reserved for a charity of your choice. Any assets in a charitable trust would avoid going through probate and would not be subject to certain estate taxes.
• Special needs trust: We have an extensive background establishing special needs trusts for clients with children who have mental or physical disabilities. Through a special needs trust, you can preserve your loved one’s eligibility for Medicaid, Supplemental Security Income and Social Security Disability Income.