What You Need To Know About Trusts and Long-Term Care Planning
One critical aspect of long-term care and retirement planning is trust creation. A trust is simply a fiduciary agreement that clearly explains how you want your assets divided and distributed amongst your beneficiaries. There must be three parties for the trust to be valid: you as the trust maker, a trustee to oversee the process and at least one beneficiary.
While this may sound a bit overwhelming in passive discussion, the process is simpler than it seems. At Enea, Scanlan & Sirignano, LLP, our experienced wills, trusts and estates lawyers are dedicated to helping Winchester County residents with both the creation and execution of revocable and irrevocable trusts in New York. We will provide you with a thorough and clear explanation of the pros and cons of each type and help you create a trust that meets your needs and desires.
Revocable And Irrevocable Trusts In New York
When creating a trust in New York, it is important to find a lawyer who understands the unique intricacies of how trusts work and why they are beneficial for different people in different situations. A few examples of the different kinds of trusts many clients have asked our firm to create include:
- Lifetime trusts: Also referred to as a living trust; created while you’re still alive instead of after your death via a will
- Honorary trusts for pets: Ensures the care and protection of your animal from the time of your death up to 21 years according to New York Law
- Charity trusts: A trust type that allows transfer of assets to a charitable organization on your behalf after death
We can also assist with the revocation of a trust, which is where a valid trust is either amended or revoked by the creator — i.e. you and/or your spouse — through a special legal process. However, there are certain guidelines that must be determined on a case-by-case basis for this to be possible.
White Plains Attorney Dedicated To Assisting With Elder Law Cases
As with any legal matter, it is important to discuss the trust process fully with a knowledgeable lawyer before making any final decisions. There are many different aspects to estate planning, and it is extremely vital that you understand the implications throughout the process. With over a century of combined experience, the dedicated attorneys at Enea, Scanlan & Sirignano, LLP, can help you do just that.
Are you ready to learn more about forming a irrevocable or revocable trust in New York? Please contact us by calling 914-269-2367 or filling out our online form today. From our offices in White Plains and Somers, we help people throughout Westchester County.