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A well-drafted Trust by an experienced Elder Care Lawyer can ensure your loved ones and property will be protected.
Learn all about Trusts and how to securely fund them to accommodate your needs and achieve your goals.
Common Types of Trusts
A Trust is a document that creates a legal entity. There are several types of trusts to choose from. Yet, we’ve highlighted a few Trusts that can help you navigate your way through the planning process.
Revocable Trusts
A Revocable Trust is a Trust that can be changed or revoked by the creator for any reason, at any time, as long as the Grantor is still living and deemed mentally competent.
For example, The Revocable Living Trust is a planning document that has grown in importance over the last number of years. It is a private written agreement in an Estate Plan that allows a person, while keeping full control, to coordinate their assets and avoid the lengthy, costly, public Probate process. The Revocable Trust does not protect assets.
Learn more about Estate Planning and avoiding Probate.
Irrevocable Trusts
An Irrevocable Trust is a flexible tool that can shelter your assets from certain risks..
For example, an Irrevocable Asset Protection Trust protects assets such as the home and allows the family to prepare for future long term care. The purpose of this trust is to retain income for you or your family while protecting the assets for your spouse, children or other beneficiaries should Medicaid be required to pay for long-term health care in the future.
Funding a Trust
It is important to plan which assets you will be funding your trusts with. Moreover, remember that an asset not transferred to the trust is not owned by the trust and can be subject to Probate and your creditors..
Top Assets to Fund Your Trust
Questions about Trusts, Estate Planning, Probate and more? Visit Ask Brian to share your thoughts!
Learn which plan is best for you and your loved ones. Contact our legal and care team at Tully Law Group at 631-424-2800 to set up a free consultation.
Caring for an elderly parent or loved one can be extremely rewarding in many ways, but while those feelings of goodwill can be uplifting, the work can sometimes feel overwhelming and put you in a state of physical, emotional, and mental exhaustion.
Estate Planning is an important step in securing your financial future for yourself and your loved ones. Your plan should be tailored to your specific needs, goals and family circumstances.
On Tuesday, October 19, Brian Andrew Tully, Esq. will give a webinar presentation on behalf of the Parker Jewish Institute for Health Care and Rehabilitation. In this webinar, "Elder Care Law 101" Brian will review the necessary planning documents, the need for asset protection, having the care paid for by Medicaid and finally how to help your loved one get the best care possible.
Melville, NY — Brian Andrew Tully, founder of Tully Law Group, PC, was selected to the 2021 New York Metro Super Lawyers list.
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September 29, 2021
Tully Law Group, PC is pleased to announce two new hires. (more…)
Did you know that falls are not a “normal” part of aging and that the majority of falls can be prevented if the necessary precautions are taken? One in every 4 seniors falls each year but you have the power to reduce the risk for yourself or your loved one.
Having a conversation about your parents' end-of-life choices can be intimidating, but there are steps you can take to ensure the dialogue about their future care and financial planning happens in an effective and collaborative way. In this blog post, we'll discuss our 4 tips for how to talk with your aging parents about their future.
Most of us don't want to confront our own mortality or would prefer to hold off thinking about it until we reach a certain age or are even confronted by a long-term health issue. But neglecting to prioritize or complete your Estate Plan ultimately means you’re at risk of your family having to endure expensive and stressful guardianship and probate court proceedings. Because we want you and your family to be as prepared as possible, we've written about the four most important estate planning steps below.
