Trusts As Estate Planning Tools
Located in Camillus, a suburb of Syracuse, the McMahon Law Firm, Attorneys and Counselors at Law, has, for more than 20 years, helped many families protect their legacies and preserve their properties for generations to come.
Family Trusts: Easing Administration
At the McMahon Law Firm, we work closely with clients and their families to develop comprehensive estate plans that preserve their money and properties, prevent their family from losing all of the assets to a nursing home and pass wealth on to the next generation in the most efficient manner possible.
When you put property and funds in a trust, you are reducing the size of your probate estate. This process may reduce or even eliminate probate administration and the costs associated with probate administration.
Based on our clients’ specific assets, their family structure and their particular goals, we use a variety of trusts and other estate planning techniques to ensure their assets are disposed of according to their final wishes.
- Revocable living trusts
- Irrevocable living trusts
- Special needs trusts or supplemental needs trusts
- Testamentary trusts
- Trusts for minor children
Protecting Family Legacies
Many families have certain properties — such as vacation homes and summer camps — they want to ensure their stay in the family. Some family members may be spendthrifts and families may choose to place assets in a trust to safeguard the assets. Placing these properties in a trust safeguards them for years to come.
Medicaid Planning: Protect Your Assets
The state only provides Medicaid benefits for nursing home care after your personal assets have been depleted or reduced to very low amounts. For many people, this means the depletion of the savings and properties they had hoped to leave as an inheritance for their children.
At the McMahon Law Firm, our lawyers can help you protect your assets from being depleted by the high cost of nursing home care and ensure an inheritance for your loved ones through Medicaid planning. By transferring your property and savings into an irrevocable trust far enough in advance of the Medicaid look-back requirements, you can effectively move it beyond the reach of the Medicaid law and safeguard it for the next generation.