Can a Living Trust Help You Achieve Your Estate Planning Goals
ASK AN ESTATE PLANNING LAWYER AT THE STRAZZULLO LAW FIRM
One word describes the value of a living trust: FLEXIBILITY.
A living trust is often the perfect tool to manage property while you are alive and to transfer property after your death. A living trust avoids probate and protects your assets from estate taxes. And a living trust can be used to help elderly people qualify for Medicaid under the Medicaid spend-down formula.
To learn more about revocable or irrevocable living trusts and which is the proper estate planning tool for you, contact an experienced New York estate planning lawyer at the Strazzullo Law Firm. We help families find estate planning solutions for every legal need.
Can’t I Just Give my Property to my Children to Manage for Me?
Yes, you can give your property to family members outright and that option is inexpensive, but there are a number of down-sides and risks you take when you do so:
- You lose control of your property completely
- Your family member may be taxed on the gift
- If the family member to whom you have deeded property goes bankrupt, gets divorced, or is personally sued, your property could be claimed by creditors or an ex-spouse and you would have no recourse
- If you have a disagreement with the family member who owns and manages your property, your life could be very uncomfortable
Why take a chance when, with a living trust, you can retain control of your property and still allow others to manage it, if and when you are unable to do so. Ask an estate planning attorney at Strazzullo Law Firm how to get started.
Is a Living Trust Only for the Elderly?
A living trust can be used for a variety of purposes by people of all ages. Whichever type of trust you choose, your assets will not go through probate and the details of your estate will remain private. Any type of living trust will transfer assets to your beneficiaries upon your death, and will provide for a trustee to manage your estate if you are unable to do so.
Revocable Living Trust: A revocable trust works best for changing circumstances. You maintain control over your assets, but that flexibility is offset by some tax liability. A revocable living trust is more expensive to establish.
Irrevocable Living Trust: And irrevocable trust is less susceptible to taxation, but you will give up control of your assets placed in trust.