Trust Law

Trusts can be an extremely useful tool for many people. However, Trusts are not for everyone. Trusts should be tailored to the client’s specific needs and goals. Unfortunately, many people obtain “cookie-cutter trusts” that are useless for their purposes. Also, many people pay for a trust to be created but then fail to fund or properly administer the Trust.

Christina M. Panzarella, P.C. can help you and your loved ones determine if creating a Trust is right for you. The following is a brief description of the different types of Trusts our attorneys can prepare for you:

Supplemental and/or Special Needs Trust: Provide financial support for someone with a persistent and chronic disability without interfering with their governmental benefits (Medicaid, social security disability, etc.) Special needs trusts are intended to supplement rather than duplicate or replace Medicaid benefits.

Medicaid Asset Protection Trust: Plan for the future by creating a Trust that will preserve your assets in the event you or your loved one needs Medicaid. This type of trust will protect your assets from being wiped out to pay for nursing home costs and uncovered medical expenses.

Living or Inter-Vivos Revocable Trust: This type of Trust can provide financial support for you and/or your loved ones if you should become incapacitated. For parents with young children this is an excellent way to ensure that their children’s financial needs will continue to be met even if the parent(s) become incapacitated. Additionally, such a Trust if properly written and funded can avoid probate. Living Trusts can facilitate the transfer of your assets to your loved ones immediately upon your passing without the need to go to Court to probate or administer an estate. Generally, Revocable Trusts can be easily amended and revoked, if needed.

Irrevocable Trust: Generally, such Trusts cannot be changed or revoked. There are many benefits to creating an Irrevocable Trust including avoiding probate, reducing your estate and/or income taxes.

Pet Trust: Provide for the custody and continued care of your beloved pets in case of your incapacity.

Testamentary Trust: A trust created in a Last Will and Testament that becomes effective upon one’s death. Testamentary trusts are an excellent tool for providing an inheritance for minor children.

Our attorneys can also assist with amending Trusts and administering Trusts. Give us a call today!