Explore The Pros And Cons Of An Irrevocable Trust
After a life spent working hard and acquiring assets, many individuals are searching for a way to ensure the properties and wealth they’ve acquired over a lifetime will be passed on to younger generations. One solution: an irrevocable living trust.
Located in Camillus, a suburb of Syracuse, McMahon Law Firm, Attorneys and Counselors at Law, provides peace of mind to individuals throughout upstate New York.
For more than two decades, our firm has helped generations of individuals protect their family legacies, preserve their wealth and pass their assets on in the most efficient manner possible.
Protecting Your Family Legacy Through An Irrevocable Living Trust
Similar to a revocable living trust, an irrevocable living trust is created during an individual’s life to hold money and property. A trustee is appointed to manage the trust properties and distribute funds to trust beneficiaries. Unlike a revocable living trust, the grantor or creator of the trust, does not have the power to terminate the trust. While this does limit the grantor’s access to trust assets, the benefits of an irrevocable trust often outweigh this one feature.
When properties and savings are transferred to an irrevocable living trust, these assets are no longer part of the grantor’s probate estate. If the trust is established five years before the grantor requires Medicaid benefits for nursing home care, the assets in the trust will be safeguarded from being depleted by the high costs of nursing home care. However, for those families who enter a nursing home before the five years have elapsed, there still may be a way to safeguard some or all of the assets through the rule of halves or doctrine of halves.
Other benefits of irrevocable trusts can include:
- Avoiding probate
- Protecting family legacy properties — such as summer camps — for future generations
- Protecting money and property from irresponsible family members
- Keeping family-owned businesses in the family
- Peace of mind
Contact McMahon Law Firm, Attorneys and Counselors at Law
At the McMahon Law Firm, our lawyers understand the fears and worries that concern elderly Americans. We listen and work closely with every client to create comprehensive estate plans that protect their assets and ensure their families are cared for after they are gone. For a free consultation, please contact our office at 315-849-9053 or 800-391-9987. A member of our staff speaks.