Creating Trusts with Our New York Elder Law Attorneys
Pfeifer & Choi Values Your Wishes
Legal trusts are an important tool in effective estate planning and Medicaid Planning. They are complex legal and financial measures that can protect and preserve your most important assets while also ensuring proper management and distribution of your assets in the future. When properly created, trusts can protect the needs of you and your loved ones.
Pfeifer & Choi’s highly rated New York Elder Law lawyers can assist you in assessing your current and future circumstances, and help you decide which trusts best meet your current and future needs. Our firm values and appreciates the faith you place in us to safeguard your wishes. Protecting your future and alleviating your worries is our primary concern.
Effective Instruments of Estate Planning & Medicaid Planning
Trusts enable assets to be put aside and managed according to the wishes of their creator (trustor). These assets will be available for use by the beneficiaries named in the document and a trustee will be designated to manage the funds as per the document’s instructions. The trust creator may retain certain benefits in their lifetime as well.
Our insightful New York Elder Law attorneys can assist you in properly designing the trusts you need to achieve a wide range of objectives, such as:
- Converting a non-exempt asset into a non-countable resource for government benefit eligibility purposes
- Providing for your spouse and family members
- Caring for elderly relatives
- Managing and protecting assets
- Providing for special needs beneficiaries
- Minimizing taxes
- Making charitable gifts
- Simplifying probate
Living Trusts vs. Testamentary Trusts
All trusts fall into one of two categories: living or testamentary. Living trusts are created during the lifetime of the trustor. Testamentary trusts are created by a will and do not become effective until the trustor’s death.
Living trusts may be made revocable, which allows the trustor to enact changes or terminate it at any time before his or her death or irrevocable, meaning that alterations may not be made. Upon the death of the trustor, a revocable trust becomes irrevocable, and no further changes will be allowed. Once activated, testamentary trusts are also irrevocable.
There are numerous types of trusts available. Experienced attorneys at Pfeifer & Choi PLLC can help you decide which type of trust would best suit your needs, including:
- Special needs trusts
- Medicaid asset protection type trusts or Medicaid qualifying trusts
- Revocable and Irrevocable trusts
- Minor’s trusts
- Life insurance trusts
- Charitable trusts
Skilled Legal Counsel to Simplify Complex Matters
The need for an effective trust is simple: safeguarding your financial future. However, which trusts to implement and how best to create them can be a complicated and difficult process. At Pfeifer & Choi PLLC, our firm is dedicated to alleviating the uncertainties and worries that often accompany planning for the future. Our skilled New York Elder Law attorneys can provide the clear and concise clarification you need to set up the effective trusts you require. Pfeifer & Choi’s attorneys will draft trusts that are specifically tailored to meet your unique circumstances.