Revocable vs. Irrevocable Trusts in New York: Estate Planning Explained


Revocable vs. Irrevocable Trusts in New York: A Guide to Estate Planning

Navigating the complexities of estate planning in New York can be challenging. Two critical tools in this process are Revocable and Irrevocable Trusts. Understanding the differences and applications of each can significantly impact your asset protection and estate planning strategy.

Revocable Trusts in New York: Flexibility for Asset Management

A Revocable Trust, also known as a Living Trust, offers flexibility as it can be amended or revoked during the creator’s lifetime. This type of trust allows for the seamless management and transfer of assets, avoiding the probate process upon death. Assets must be titled in the name of the trust to be effectively managed and distributed according to the creator’s wishes. Notably, Revocable Trusts do not offer protection against long-term care costs under Medicaid, as the assets within are considered available resources.

Irrevocable Trusts in New York: Ensuring Asset Protection

In contrast, Irrevocable Trusts are fixed and cannot be amended once established. They serve various purposes, from protecting assets for Medicaid eligibility to providing for special needs beneficiaries. The Irrevocable Medicaid Asset Protection Trust, popular among seniors, shelters assets, making them inaccessible for Medicaid’s look-back period, thus preserving wealth while ensuring eligibility for long-term care assistance.

Choosing Between Revocable and Irrevocable Trusts

The choice between a Revocable and an Irrevocable Trust depends on your estate planning objectives, including asset protection, probate avoidance, and Medicaid planning. Our law firm specializes in crafting tailored trust solutions that align with your unique needs, ensuring your estate is managed and protected according to your specific goals.

Medicaid Eligibility and Asset Protection

Irrevocable Trusts play a crucial role in asset protection strategies, particularly concerning Medicaid eligibility for long-term care. By transferring assets into an Irrevocable Trust, you can secure your estate against the high costs of nursing home care, safeguarding your legacy for future generations.

Secure Your Legacy Today

Choosing the right trust is pivotal to your estate planning success. With the ever-changing laws in New York, navigating these waters alone can be daunting. Our law firm is here to guide you through every step, ensuring your assets are protected, and your legacy preserved. Don’t wait until it’s too late to start planning for the future. Contact us now to schedule a consultation and take the first step towards peace of mind for you and your loved ones.

Our law firm has thousands of testimonials. Below are just a few:

“Mr. Ronald S. Cook is the best lawyer that I have worked with. He is absolutely fantastic. The quality of the service is second to none. He is just at a different level. I am extremely satisfied from his services. Mr. Cook under-promises and over-delivers. I strongly recommend his advice and services.”

“Attorney Cook helped me update my Estate Plan when I relocated back to Long Island from Los Angeles. His assistance was critical since the laws in New York State are significantly different than those in California. He took the amount of time necessary for me to understand most of the intricacies of NY estate planning law, and as a retired engineer, I look to understand pretty much everything there is to know before I put my signature on paper. My customized plan was done well and in a very timely manner. I plan to use his services for any and all future needs where he is experienced. I would recommend anyone to speak to him about your estate planning needs.”

“Ronald Cook helped us with our Estate Planning needs. We had spoken to a few attorneys concerning our Estate needs over the years, but Mr. Cook will be the last. My wife and I were impressed by his willingness to take the time to explain in layman terms all our options. He customized our legal documents to reflect our specific needs and desires. His is not a cookie cutter approach and we highly recommend him.”

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