Rochester revocable trusts are a powerful estate planning tool that you can use to protect your assets. Irrevocable trusts can also be used to help keep your money and property secure. While both irrevocable trusts and revocable living trusts bifurcate possession and ownership and serve important purposes in keeping your assets safe, they work very differently and you need to understand which of the two basic types of trusts is best for your particular situation.
The Law Office of Michael Robinson, P.C. can help. Our experienced legal team can work closely with you to identify the legal tools that you need to use and to ensure that you have made the right type of trust for your particular situation. You should give us a call to find out about the assistance that our firm can offer you. You can also read on to learn about some of the key ways that Rochester revocable trusts differ from irrevocable trusts.
How Do Rochester Revocable Trusts Differ from Irrevocable Trusts?
Revocable trusts and irrevocable trusts are very different in important ways. For example:
- Revocable trusts provide much more flexibility: When you make a revocable living trust, you remain in control over trust assets. You can name yourself as the trustee so you can manage money and property in the trust on a daily basis. You can also end the trust or change it at any time, as needed. With an irrevocable trust, depending on its purpose you may be more restricted in what you can do to change the trust.
- Irrevocable trusts provide different kinds of asset protection: A revocable living trust protects assets in certain ways. For example, if you are concerned about who will manage your assets if something happens to you or if you want to avoid the cost of the probate process, a revocable living trust can be helpful in passing assets outside probate and allowing you to name a backup trustee to immediately manage trust assets if you cannot. However, a revocable living trust doesn’t provide certain types of asset protection that an irrevocable trust can provide. For example, assets in a revocable living trust would still be counted when determining if you have too many resources to qualify for Medicaid coverage and the assets in a revocable living trust are still vulnerable to being lost due to creditor claims. Alternatively, an irrevocable trust can preserve your assets while still allowing you to qualify for Medicaid, and can offer substantial creditor protection.
The Law Office of Michael Robinson, P.C. will help you to determine whether Rochester revocable trusts or irrevocable trusts are the best type of tool for you. We can also help you to understand other ways of protecting your wealth and facilitating its transfer to heirs or beneficiaries after you are gone.
Getting Help from Trust Attorneys with Rochester Revocable Trusts
Trust attorneys at The Law Office of Michael Robinson, P.C. can help you to determine if Rochester revocable trusts are the right legal tool to use or if you should consider the creation of a irrevocable trust instead. We can also provide personalized assistance with creating a legally valid trust document and with properly funding your trust, whether you decide to make your trust irrevocable or revocable.
To find out more about all of the different ways our compassionate and knowledgeable legal team can help you with trust issues, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online today.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- An Overview of the Trust Administration Process - January 22, 2019
- Selecting an Agent - January 16, 2019
- Last Will vs. Living Trust: Weighing the Differences - January 10, 2019