Trust Attorney in New York City

Creating a trust is a strong way to protect your assets, plan for long term care, and make sure your family receives what you want them to have. At the Law Offices of Albert Goodwin, we draft trusts that follow New York law and match each client’s goals. We guide you through the whole process so you understand your choices, what each option means, and how to set up a trust that works for you. </p>

How the Trust Drafting Process Begins

We start with a simple conversation about what you want to achieve. We learn what assets you want to protect, who you want to benefit, and whether privacy, avoiding probate, tax planning, or Medicaid planning matters most to you. After we understand your goals, we help you choose the type of trust that makes sense for your situation. We explain the legal and financial effects in a clear and easy way.

Deciding Between a Revocable and Irrevocable Trust

One of the first decisions you will make is whether your trust should be revocable or irrevocable. These two types work very differently.

Revocable Trusts

A revocable living trust lets you stay in full control. You can change it, add assets, or cancel it whenever you want. Because you still control the trust, the IRS treats the assets as your own. You are responsible for taxes, and your heirs usually receive a step up in basis when they inherit, which can lower capital gains taxes if they sell the assets later. A revocable trust does not protect assets for Medicaid because the assets are still considered yours. People often choose a revocable trust when they want to avoid probate, keep things private, and make it easier for someone to manage their assets if they become ill. </p>

Irrevocable Trusts

An irrevocable trust is much stricter. Once it is created, you usually cannot change it, take back assets, or end the trust. Because you give up control, the assets are no longer legally yours. This can help with Medicaid planning when the trust is written correctly and funded more than five years before applying for nursing home Medicaid. It can also provide some protection from creditors. Whether the assets receive a step up in basis at death depends on how the trust is written and whether the assets are included in your taxable estate. Some irrevocable trusts also require separate tax reporting. People usually choose an irrevocable trust when they want long term care planning, Medicaid eligibility, or stronger protection for their assets.

We explain these differences clearly during the consultation so you understand what you gain and what you give up with each type.

Understanding the Consequences of Each Type of Trust

A big part of our job is helping you understand how each trust will affect your future. We go over how taxes will work while you are alive and after you pass away, whether there will be a step up in basis, how Medicaid will view the trust, how much control you will have, how your beneficiaries will receive assets, and what the trustee will need to do. This helps you make the right choice with confidence.

Drafting the Trust Document

After you choose the type of trust, we create a trust document that fits your needs. Every part of the trust is important. We explain who the trustee will be, who the beneficiaries are, how the assets should be managed, when and how distributions will happen, what powers the trustee will have, how the trust will be taxed, and how long the trust will last. New York has strict rules for how trusts must be written. We make sure your trust follows these rules and avoids the mistakes often found in online templates.

Funding the Trust

A trust only works if it is properly funded. This part is very important but sometimes overlooked. Funding a trust means transferring assets into it. This can include real estate, bank accounts, investment accounts, life insurance in some cases, business interests, and certain personal property. We guide you through each step of funding and help you work with banks, financial companies, and title companies when needed. Without proper funding, a trust cannot achieve your goals, whether those goals involve Medicaid protection, avoiding probate, credit protection, or tax planning.

What Happens With Irrevocable Trusts After They Are Created

If you choose an irrevocable trust, we explain how to manage it going forward. The trustee, not you, controls the trust assets. All distributions must follow the exact rules written in the trust. If the trust is used for Medicaid planning, withdrawals must be handled very carefully to avoid penalties. We stay available to answer questions and help families manage the trust correctly as life changes.

Why Work With a New York Trust Attorney

Trusts must be written carefully and must follow New York law. Trying to create a trust on your own or using a generic online form can lead to tax problems, loss of Medicaid eligibility, delays in settling your estate, or assets not being protected the way you hoped. At the Law Offices of Albert Goodwin, we help clients create trusts that work the right way, protect assets, and carry out your wishes.

The Law Offices of Albert Goodwin, Esq.

Phone: 212-233-1233
Website: www.nyestateslawyer.com

Email: [email protected]