Areas of Practice

Trusts

Revocable Living Trusts

A Revocable Living Trust is a Will substitute which provides asset protection. Instead of using a Will to distribute your property to loved ones, you transfer your property to the Revocable Living Trust. You and/or your spouse are the trustee of the Revocable Living Trust. The trustee has full power to manage and protect assets held in trust in the same way as if the assets were still in your name. While you are alive and able, you serve as the trustee.

If incapacity strikes, your successor trustee steps into your shoes and continues the management and protection of trust assets according to your guidelines. Your successor trustee’s powers are limited to assets owned by the trust. After death, your successor trustee will distribute the property according to the terms of the trust which operates much the same way that a Will operates. However, while a Will has to go through the public probate process, the property in your trust is distributed privately without court involvement which is more costly and time consuming.

Irrevocable Trusts

These can be useful tax and nursing home planning tools. A typical “income only” irrevocable trust permits you to receive the income from your assets in exchange for the right to withdraw your principal. Tax reduction trusts are much more restrictive than asset protection trusts.

There are many Irrevocable Trusts available that are quite flexible and trustmaker-friendly. You should consult a qualified estate planning attorney so that you can get proper counseling on all your options before creating an Irrevocable Trust.