There are almost innumerable tools to assist you in planning your state and achieving your financial goals for yourself and your family. One particular type of estate planning tool that many overlook until they seek the advice of an experienced legal estate planner is a trust. There seems to be a misconception that only the very wealthy can benefit from constructing a trust. We at the Sirkin Law Group, P.C. know that this is simply not true. We have extensive experience and helping our clients to identify their goals and what kinds of trusts would benefit them and their case.
What is a trust?
While there are many different types of trusts all trusts involve the transfer of assets from the person giving the assets, who is called the settlor, to the actual trust. All trusts also require that a trustee be named. The trustee is the person responsible for administering the trust in accordance with the terms as laid out by the original settlor. Trusts also must have a beneficiary. The beneficiary is the person who receives the benefit of the trust. Choosing the right trustee and the right beneficiary can have far-reaching implications for your trust. We have extensive experience in helping our clients review their options and selecting the right people and tools to help achieve their goals.
A revocable trust is a type of trust that many of our clients have used. With a revocable trust, the settlor retains the power to change the conditions of the trust. The settlor, the trustee, and beneficiary can all be the same person in some situations. However this does not have to be the case and a settlor is free to name a trustee and beneficiary that are completely separate. Revocable trusts carry with them particular tax ramifications to both the settlor and the beneficiary. Our team of experienced attorneys can help you to review the terms and requirements of a revocable trust and decide if it is right for you and your goals.
Conversely, an irrevocable trust is one that cannot be changed after the transfer is made to the trust. However, courts can change the trust under special circumstances. Irrevocable trusts often come into being under the terms of a last will and testament. Under an irrevocable trust, as with a revocable trust, there are particular tax and financial ramifications for the settlor and a beneficiary. We have wide-ranging experience with estate planning and trusts, and can provide you with special insight in your case as to whether an irrevocable trust is right for your plan.
Special needs trusts
We are also skilled in the creation of special needs trusts. If you are thinking of making a gift of assets either now or the time of your death to a person who receives disability payments, Medicaid, or other state benefits doing so without consulting our experienced team about the creation of a Special Needs Trust could inadvertently results in the loss of eligibility of benefits. We can talk with you about the availability and appropriateness of a Special Needs Trust to help financially support your friend or family member while still making sure that he or she maintains eligibility for the benefits required to help maintain stability and health.
Contact us today so we can review your goals and talk about what type of trust can help your future and that of your friends and loved ones.