Trusts
New York Elder Law Trusts Attorney - Free Initial Consultation
The McMahon Law Firm has been helping older Americans throughout central New York set up trusts as a method of asset protection for more than twelve years. I am Steve McMahon and I understand the importance of preserving what has taken a lifetime to create for your children and heirs.
There are essentially two types of trusts, revocable and irrevocable. Revocable trusts allow the grantor to amend and revoke the trust at anytime. The major advantage of a revocable trust is that the assets in the trust avoid probate. Irrevocable trusts do not allow the grantor to amend the trust. However, should the grantor need nursing home care the assets in the trust would not be included in determining eligibility for Medicaid.
People with handicapped or disabled children should consider setting up a supplemental needs trust for their child. Children receiving benefits for Medicaid or Supplemental Security Income (SSI) may lose their eligibility for these benefits if they receive assets or cash from a will. A supplemental needs trust can allow an heir to receive the benefits of your assets without losing their Medicaid or Supplemental Security Income (SSI) benefits.
I have helped many families protect their assets and become Medicaid eligible using irrevocable trusts. Many of these trusts included property such as money, bank accounts, certificates of deposit, stocks, bonds and real estate. My clients come from throughout upstate New York including Onondaga County, Cayuga County, Oswego County, Oneida County and the cities of Syracuse, Camillus, and Auburn.
For more information about wills and trust please visit my
Wills and Trust Practice Center
If you or a member of your family needs the assistance of an asset management lawyer with the knowledge and experience to help you set up trusts to protect your assets from Medicaid, please contact Steve McMahon at the McMahon Law Firm. I am committed to helping people pass on the wealth they have spent a lifetime creating.
