» Living Trust

3 Brief Trust Blogs – #1

Craig A. Andreoli — Wed, 06 Oct 2010 01:09:09 +0000

Both Irrevocable and Revocable Trusts can be very useful, but each has unique properties that should be used in particular circumstances to meet the Creator of the Trust’s goals. For example, a Revocable Trust is generally used for estate planning and has similar information to a person’s Will. Also, a person may get a Revocable Trust in order to avoid probate because probate can be a long and costly process. Avoiding probate can make it difficult for someone to contest the Trust; such as a child you want to disinherit. Revocable Trusts can also contain language that will preserve a person’s estate tax exemption which allows more money to pass to their beneficiaries without adverse tax consequences.

If you wish to learn more about Trusts, think about attending this seminar on October 19^th. Seminar Info

3 Brief Trust Blogs – #2

Craig A. Andreoli — Wed, 06 Oct 2010 01:05:28 +0000

A Revocable Trust is not a good tool for Medicaid Planning. Medicaid is a form of creditor. Creditors can lien assets that are in control or owned by the Debtor. A Revocable Trust allows the Creator of the Trust to have absolute control over the Trust assets. They are free to revoke the Trust, withdraw assets and manage the funds (Usually by being the Trustee and Beneficiary). For this reason, a Revocable Trust is not useful for Medicaid Planning because the Trust property remains in the Creator’s control. A better reason to establish a Revocable Trust would be to avoid probate, preserve privacy, deter a contest or entrust asset management in the event the Creator becomes incapacitated.

If you wish to learn more about Trusts, think about attending this seminar on October 19^th. Seminar Info

3 Brief Trust Blogs – #3

Craig A. Andreoli — Wed, 06 Oct 2010 01:01:34 +0000

A Revocable Trust is useful when the Creator wants to have access to the assets during his or her life. This is made possible by making the Creator both the Trustee and the Beneficiary of the Trust. On the other hand, an Irrevocable Trust is used when the Creator chooses to give up the right to gain access to the Trust assets after the Irrevocable Trust has been created and funded. If the Creator has no access to the Trust, they have no legal way of giving that money to their creditors to pay debts. Therefore, having an Irrevocable Trust is useful for Medicaid Planning because it prevents Medicaid or other creditors from gaining access to the Trust funds. An Irrevocable Trust funded 5 years before the Creator applies for Medicaid can be a very successful tool in preserving the trust assets.

If you wish to learn more about Trusts, think about attending this seminar on October 19^th. Seminar Info

TRUST WARS II – Medicaid Strikes Back – Irrevocable vs. Revocable Trusts

Craig A. Andreoli — Tue, 05 Oct 2010 15:43:29 +0000

October 19, 2010
10:00 am	to	11:30 am
6:00 pm	to	7:30 pm

We met with such a positive response from our first Trust Wars seminar, that we decided to bring it back. And based upon our attendee’s comments, we have beefed up the agenda with even more Medicaid pre-planning advise, and whether or not these trusts can play an integral role in protecting your assets.

So please come and join us, but reserve your seat fast. We truly do have limited space.

TRUST WARS – Irrevocable vs. Revocable

Webmaster — Mon, 05 Jul 2010 16:32:15 +0000

August 10, 2010
10:00 am	to	11:00 am
6:00 pm	to	7:00 pm

Seminar on Last Wills and Testaments – Protecting your Children

Craig A. Andreoli — Mon, 11 Jan 2010 03:55:06 +0000

January 28, 2010
7:00 pm	to	8:00 pm

At the Law Office of Craig A. Andreoli, P.C.
222 East Main Street
Suite 314
Smithtown, New York 11787
RSVP a must as seating is limited
(631) 686-6500

Seminar on Last Wills and Testaments – Protecting your Children

Craig A. Andreoli — Mon, 11 Jan 2010 03:49:10 +0000

March 24, 2010
7:00 pm	to	8:00 pm
April 22, 2010
7:00 pm	to	8:00 pm

7:00 pm
At the Law Office of Craig A. Andreoli, P.C.
222 East Main Street
Suite 314
Smithtown, New York 11787

RSVP a must as seating is limited
(631) 686-6500

The A,B,C’s of a Living Trust?

Craig A. Andreoli — Fri, 26 Jun 2009 00:08:16 +0000

A Revocable Living Trust or Inter Vivos Trust is created to allow a transfer of an individual’s assets into a trust to provide a means to manage those assets while alive and distribute those assets upon death. The Creator or Grantor of the trust will name a trustee whose responsibility is to maintain the trust assets. Typically the Grantor names himself as the trustee, while alive, and names a successor trustee to distribute the assets in the manner of the trust provisions, at death. You might want to consider a Living Trust over a traditional Will and Testament. The following are some of the A, B, C’s of Living Trusts to help you make a decision.

Avoid Probate:

Unlike a Will, a Living Trust does not go through probate. Probate is the process whereby the Court reviews the will and tries to be sure that all interested parties are notified about the Will and affords the opportunity for parties to contest the Will. While probate is not typically a lengthy process, it can be under certain situations. Therefore, a Living Trust can be a more expeditious process than a Will in distribution to the named beneficiaries.

Be Private:

When a person passes away, her Will, during probate, is recorded and becomes a public document. A Living Trust does not go through probate and, therefore, will not become a public document. If you have distributions that you wish to keep discrete, a Living Trust may be the more appropriate tool.

Combined with a Pour Over Will:

Many times, a pour over will will be drafted in combination with a Living Trust. A pour over will has a provision that directs any estate assets, not already being held in the Living Trust, be added to the Living Trust corpus upon your death. It should be noted that the pour over will itself must go through probate.