Handling All Aspects Of Various Types Of Trusts
There is no better way to preserve and control the distribution of your assets according to your specific wishes than to establish a trust. At Futterman, Lanza & Pasculli, LLP, we have been helping families maintain their financial legacy through trusts for many years. Our elder law attorneys have earned a respected reputation among satisfied clients across Long Island and throughout New York for their commitment to making sure our clients’ needs are met through the right kind of trusts.
Did you know: A party establishing a trust fund may be called either the trustor, the grantor or the settlor?
Three Types Of Trusts
There are basically three types of trusts our law firm establishes and administers on behalf of our clients, each designed to meet specific needs.
- Irrevocable trusts: These irrevocable trusts are primarily used for Medicaid planning, in which an individual can transfer ownership of bank accounts, brokerage accounts and real property (particularly the personal residence), to be administered by an appointed trustee. The trustor or grantor, which is the preferred IRS designation, has the right to establish how the assets may be distributed at the time of establishing the trust, but may not control the assets. However, an experienced elder law attorney and trust draftsperson will protect the grantor by having the grantor retain certain powers, as the ability to remove and replace the trustee.
- Revocable trusts: Grantors establishing revocable trusts do not relinquish complete control over the assets. As the name implies, the money placed in trust may be reclaimed at any time or the trust amended, making these types of trusts unsuitable for Medicaid planning. However, assets placed in a revocable trust may help the family avoid probate upon death of the grantor.
- Special needs trusts: Families often establish a special needs trust to ensure a loved one with special needs will continue to receive public benefit such as Medicaid and SSI for his or her health and welfare after death of the estate holder. Trusts may either be established as living trusts, with assets distributed during the lifetime of the grantor by the trustor, or testamentary trusts, with assets not to be distributed until the death of the grantor.
From our offices in Smithtown and Bay Shore, New York, we provide legal counsel for clients in Nassau County, Suffolk County, Long Island and communities throughout the state.