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.
Setting up a properly structured trust is one of the wisest financial decisions you can make for yourself and your loved ones. Trusts provide many benefits that simply writing a will cannot accomplish.
The type of trust to establish will depend on your objectives and goals.
A revocable trust allows you to modify or terminate the trust at any time should your circumstances or intentions change. A revocable trust usually has the grantor, beneficiary, and trustee as one and the same person. With this method, it allows the grantor-beneficiary flexibility, and control over the property. Upon death, a revocable trust then becomes irrevocable.
Revocable Trust
A revocable trust provides:
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Flexibility
You maintain control and can modify or terminate the trust if circumstances change.
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Convenience
Assets transfer to beneficiaries without probate when you pass away.
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Privacy
Trust assets and distributions remain private, unlike wills.
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Incapacity planning
Avoids need for conservatorship if you become incapacitated.
An irrevocable trust, on the other hand, can’t be changed or reversed once created, though some modifications can be made through trust decanting. Trust monitors can also oversee the trustee’s management of the trust to prevent issues of abuse.
Irrevocable Trust
An irrevocable trust provides:
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Asset protection.
Can protect assets from creditors and legal judgments.
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Tax planning
If structured properly, can minimize taxes.
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Medicaid qualification
Allows you to qualify for Medicaid while preserving assets.
Revocable trusts allow control while you are living, while irrevocable trusts enable more advanced strategies like tax planning and asset protection. We can discuss your goals with you to decide which type of trust best meets your needs. Should 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].
