Trust attorneys provide you with help during the trust creation process. Creating a trust can be one of the most important steps that you can take towards protecting your assets and controlling your legacy. Trusts are both powerful and versatile tools, but because there are different kinds of trusts, it is important to make an informed choice about which trust type will help you to best accomplish your goals. Mark S. Eghrari & Associates, PLLC can help.
Our firm provides representation to clients who are interested in making effective use of estate planning tools and asset protection tools to protect the wealth they have worked so hard to build and to secure their legacy. We can assist you in determining if you should create a trust, understanding the type of trust that would be best, and going through the trust creation process to make a legally valid trust.
You should give us a call today to talk with our trust attorneys and get personalized help making a trust that is right for your situation. You can also read on to learn about some of the key differences between revocable trusts and irrevocable trusts.
Differences Between Revocable Trusts and Irrevocable Trusts
There are many big differences between revocable living trusts and irrevocable trusts. Some of the key ways in which these types of trusts differ include the following:
- A revocable trust gives you continued control. You can end a revocable trust whenever you want to or modify it as you see fit. An irrevocable trust, on the other hand, can be difficult or even impossible for you to modify once you have created it. In order for your irrevocable trust to provide the expected protections that you hope for, you need to accept that the trust isn’t one you can change on a whim and you need to be prepared to take a hands-off approach.
- You can be the trustee of a revocable trust. If you want to maintain the right to manage assets held in the trust during the course of your lifetime, you can name yourself as the trustee and name a backup trustee who will take over trust management only after something happens to you. If you want to create an irrevocable trust and get the full benefit from it, however, you will need to name someone else as the trustee and you won’t be able to directly manage trust assets.
- An irrevocable trust can provide more protection for the trust assets. The tradeoff of giving over control of the trust assets also results in some of the biggest benefits associated with an irrevocable trust. When you give up control and cannot access the principal balance of a irrevocable trust, then the assets held within the trust should be much safer from loss. For example, if you need means-tested Medicaid to pay for the costs of nursing home care that Medicare and private insurance won’t cover, it is possible to protect your assets using an irrevocable trust as long as you follow specific requirements. If the assets held in a valid irrevocable trust aren’t accessible by you, they should not count for purposes of determining if you can be eligible for means-tested benefits to pay your bills.
These are a few of many key differences between an irrevocable trust and a living trust. You should make sure you understand all of the implications of your choice of trust type so you can make sure the trust you create offers the protections you desire.
Getting Help from Trust Attorneys
Trust attorneys at Mark S. Eghrari & Associates, PLLC can provide personalized assistance with all aspects of the trust creation process. In fact, our firm can help you to explore all of the different legal tools you could use to keep your assets safe and provide for your family. We can help with the creation of a trust as part of a comprehensive estate plan or legacy plan or can assist with creating a trust just for a specific purpose such as to provide for a child or to ensure a pet is taken care of after you are gone.
You don’t want to chose the wrong trust type or make other mistakes in connection with trusts so you miss out on protections that you expect and deserve. You should reach out to Mark S. Eghrari & Associates, PLLC today to get the help you need. You can join us for a free seminar to find out more about trusts and the services our firm provides. If you are ready to begin the process of implementing a plan to protect your wealth and loved ones, give us a call at (631) 265-0599 or contact us online today.