The law firm can draft the right trusts that you might need for your estate planning. We prepare revocable and irrevocable “living trusts” for individuals or couples, including life insurance, QTIP, power of appointment, QDOT, GRAT, QPRT, A-B, A-B-C, grantor retained annuity trusts, qualified personal residence trusts, section 2503 (c) trusts for minors, credit shelters, marital deduction trusts, charitable trusts, supplemental needs trusts, sprinkling and other types of trusts.
We customize the various beneficiaries, alternates, successors, fiduciaries, powers, and terms. Estate planning trusts may include provisions reflecting the phasing out of the estate tax. Other options address rights to invade the principal of trusts, powers of appointment, disclaimers, pensions, and qualified plans, sub-S trusts, oil and mineral rights, cash bequests, removal of trustees, virtual representation and various instruments transferring property to the trustees. Below is a description of the more commonly requested types of trusts.
REVOCABLE TRUST – A revocable trust is a trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries. This kind of trust is often used for real estate. You transfer the title to your house into the trust, and then the house doesn’t need to go through probate court when you pass away.
IRREVOCABLE TRUST – An irrevocable trust is a type of trust where its terms cannot be modified, amended or terminated without the permission of the grantor’s named beneficiary or beneficiaries. Irrevocable trusts offer tax-shelter benefits that revocable trusts to do not. The main downside to an irrevocable trust is simple: It’s not revocable or changeable. You no longer own the assets you’ve placed into the trust. In other words, if you place a million dollars in an irrevocable trust for your child and want to change your mind a few years later, you’re out of luck. This kind of trust is often utilized when you are planning for someone that is going to need government benefits.
SPECIAL NEEDS TRUST – A special needs trust is a trust tailored to a person with special needs that is designed to manage assets for that person’s benefit while not compromising access to important government benefits. There are three main types of special needs trusts: the first-party trust, the third-party trust, and the pooled trust. If you are a parent looking to place assets into a trust to help provide for a disabled person, but do not wish to mess up the government benefits such as SSI, you would set up a third-party trust.
Setting up this kind of trust for a disabled loved one will help them in a manner where they can continue to receive their government benefits while your trust funds also aid them with certain kinds of needs. There are specific rules, so plan this out wisely with a lawyer.
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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