Revocable Living Trusts
An Alternative to Wills for Estate Planning
Trusts are an important estate planning tool that can be used in place of a will. A trust is an arrangement in which a trustee holds property for the benefit of another person, known as a beneficiary. Trusts are often used in estate planning because they allow property to be distributed in a more flexible manner than a will. In some cases, a trust can even be used to avoid estate taxes.
Revocable trusts are trusts that can be changed or revoked by the person who created the trust. Revocable trusts are the most common type of trust used in estate planning because they allow the trustmaker to make changes to their trust as their needs change. Revocable living trusts are particularly useful in situations where there are minor children involved, since the trustmaker can change the terms of their trust to provide for their children's inheritance needs as they grow older.
Contact our firm today at (914) 228-7448 to speak with a member of our team about creating a revocable living trust.
How Does a Living Trust Work?
A living trust works very similarly to a will. When a person dies, the executor of their will distributes their assets according to the instructions in their will. However, a living trust is designed to avoid this process. The assets in a living trust are held by the trustee for the benefit of the trust's beneficiaries. When the trustmaker dies, the trustee distributes the assets in the trust according to the terms of the trust agreement.
Trusts are particularly useful in situations where a person has minor children or other dependents who need financial support after they die. A trust can be designed to provide for the beneficiaries' needs over time, without requiring an executor to distribute large sums of money at once. A trust can also be designed to avoid estate taxes, since the assets in a trust are not counted as part of the trustmaker's taxable estate.
What Are the Benefits of a Revocable Living Trust?
There are several benefits to using a revocable living trust in place of a will. One of the most important benefits of a revocable living trust is that it allows the trustmaker to make changes to their trust as their needs change. If a trustmaker becomes disabled or if their beneficiary's needs change, they can change the terms of their trust without involving an attorney.
The benefits of a revocable living trust include:
- Flexibility to change the terms of the trust
- Ability to designate different trustees for different parts of the trust
- Ability to designate successor trustees
- Ability to add or remove beneficiaries
- Ability to revoke the trust
- Ability to change the location of the trust
- Ability to change the trustee
- Ability to change the assets that are included in the trust
- Ability to change the terms of the trust
- Ability to change the way the trust distributes assets
Why Should I Consider Creating a Living Trust?
There are many benefits to creating a living trust in place of a will. A living trust can be changed as the trustmaker's needs change, and it can be revoked at any time. A trust can be designed to provide for the beneficiaries' needs over time, without requiring an executor to distribute large sums of money at once. A trust can also be designed to avoid estate taxes, since the assets in a trust are not counted as part of the trustmaker's taxable estate.
The benefits of a living trust include:
- Ability to change the terms of the trust
- Ability to revoke the trust
- Ability to change the location of the trust
- Ability to change the trustee
- Ability to change the assets that are included in the trust
- Ability to change the terms of the trust
- Ability to change the way the trust distributes assets
Call us today at (914) 228-7448 or contact us online to learn more about how a revocable living trust can help you plan for your future.
Our Results
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Client Won Custody Dying Without A Will
As many of you may know legendary singer/songwriter Aretha Franklin died in 2018 without leaving a will. Other wealthy celebrities such as Prince have done the same. This can lead to many types of unwanted consequences. As an example, the T&E department at PCS is currently ... -
Son Must Repay Mother’s Estate Estate Case
A local man and his then-wife used undue influence on his elderly mother to clean out the woman’s bank accounts before she passed away, a Schenectady County Surrogate’s Court ruled this week. The verdict, in a case brought by the woman’s two other sons, means the man and his ... -
Brothers Inheritance Restored Estate Dispute
After much litigation including more than a dozen depositions, obtaining numerous medical records and various other relevant documents, expert medical testimony, and the beginnings of trial preparation, an estate dispute was settled on behalf of our client for $700,000. Our ... -
Daughter Settles Dispute Favorably Estate Matter
On the day of trial our client successfully resolved an estate matter whereby she received 60% of available funds of the estate. Interestingly, the case involved an admission by both brother and sister that their father had upwards of $200,000 in cash at the time of death (a ... -
Surviving Spouse Inheritance Returned Large Assets Diverted to Wrong Beneficiary
We are proud to have earned a seven-figure ruling in favor of a surviving spouse. In this particular case, two large assets were diverted through a complex trust and funding formula to the wrong beneficiary. Parisi, Coan & Saccocio, PLLC, successfully argued that the ...
Client Stories
Our Success in Their Own Words
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"I was very happy with all of Mr. Parisi’s work."I would absolutely hire him again- K.R.
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"Gerard was very helpful to me."He was very attentive to details and responsive to all my questions- L.I.
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"I highly recommend him!"I was very happy with the legal services and advice that were provided by him and his office- B.
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"I couldn’t have asked for anyone better to assist me."You were always available whether it be a weekday or weekend, which helped a great deal due to my busy schedule- N.D.
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"He was always very informative and helpful."Gerard handled my father’s estate- P.F.
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"Thank you, Gerard, for representing me."Gerard fought to keep the original trust in place and I remained as her trustee- K.B.
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"Gerard helped make a very hard situation a little easier for me."I would strongly recommend using Gerard knowing that others can have the same experience I did- A.M.
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"I would highly recommend them."Parisi Coan & Saccocio have handled many estate planning needs for myself and my clients over the course of the last 5 years- Arthur F.
What Sets Us Apart?
Over 65 Years of Experience
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Personalized Guidance From Start to FinishWe are very selective about the cases we take on to provide you with the highest quality representation.
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Attorneys and Certified Public AccountantsUnique knowledge for accountings, tax laws, asset valuations and complex estates.
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Exceptional Estate and Trust Law ExperienceOver 65-years collective experience in estate and trust planning, administration, litigation, and guardianship.
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