Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.
As an estate planning attorney in New York, clients often ask me “Do I need a trust?” While every situation is different, there are some key considerations to help you decide if a trust is right for your needs.
You’ll need a trust if:
-
You want Medicaid to not take your house
A lot of people need Medicaid for their homecare and nursing home as they get older. Putting a house in a trust can protect it from being taken by Medicaid.
-
You want to avoid probate
Assets in a trust don’t pass through probate, which saves time and legal fees.
-
You prefer asset distribution to be private
Trusts are not public records like wills, so your information remains private.
-
You like to control and manage your assets after death
You can specify how and when assets are distributed after you pass away. You can dictate whether income, principal, or both income and principal will be distributed to your beneficiaries and for what purposes. You can have your assets managed according to trust terms for generations after your death.
-
You want to protect your assets from lawsuits and divorce
Irrevocable trusts can reduce your wealth in paper and protect it from lawsuits, creditors, and divorce.
-
You want to protect minor children or beneficiaries with special needs
You can provide financial resources while limiting their legal control.
-
You have a blended family
Most state laws have the spousal election rule which requires a person to leave a majority of their estate to their spouse. Trusts allow you to leave a majority of your assets to your children instead of your second or third spouse.
-
You have assets above the estate tax exemption amount
If you have assets above $6.94 million (as of 2024), you need a trust to minimize estate taxes in New York.
If any of these situations apply to you, we can meet with you to evaluate your specific goals, assets, and family circumstances. We will then explore what customized trust options that may work best in your unique situation. If you need legal representation, we at the Law Offices of Albert Goodwin are here for you. We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
