It has never been more important to take time in the present to plan ahead for the future.
With that in mind, Trusts remain one of the most effective and practical tools available to those who are interested in proactive Estate Planning. A Trust reinforces the protection and careful management of the assets you've worked so hard for, while also ensuring that those assets are distributed and used according to your exact wishes. Simply starting the conversation about drafting a Trust and doing some research on the topic is a caring and noble act. Trusts are complicated by nature, but our compassionate and experienced team is here to bring you total clarity, and guide you through every step of the process with efficiency and open communication.
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At MCV Law, our Estate Planning attorneys handle three kinds of Trusts: Revocable, Irrevocable, and Special Needs. With offices in Syracuse, Chittenango, and Auburn, we have been providing high-quality, easily understandable Estate Planning services to people in the Central New York Community for years, and we look forward to helping you and your loved ones next.
You have worked hard for your assets. What is your vision for how you would like them preserved and distributed? Our goal is to help you reach yours.
Revocable Trusts
Revocable Trusts, also known as Living Trusts, can be altered or revoked by the grantor (the individual who establishes the trust) during their lifetime. Revocable Trusts offer multiple advantages to grantors, including:
Flexibility: The grantor retains control over the Trust assets during their lifetime, and can make changes to who they have listed as beneficiaries and/or trustees. This flexibility is especially valuable for those who experience significant changes to their assets or family dynamics over time. Weddings, divorces, births, and deaths within a family can all be occasions to reevaluate the contents of a Revocable Trust.
Avoiding Probate: Assets held in a Revocable Trust often avoid the probate process when the time comes to liquidate the grantor’s assets, which can help streamline administration after the grantor has passed away.
Whether you are looking to build your Revocable Trust from the ground up or apply alterations, our skilled Estate Planning lawyers are standing by and ready to help.
"I was looking for a lawyer to update my will to a revocable trust. After reviewing multiple options, I contacted Paula Highers at MCV Law. She has the credentials I was looking for, and the office is conveniently located. Ms. Highers is an Estate Planning lawyer who answered all of my questions. She guided me through the process with ease and understanding and explained options to think about for the best outcome. Paula is very professional, yet easy to talk to. The process was smooth, efficient and completed very quickly. If you need an Estate Planning Lawyer, I highly recommend Paula Highers and the office of MCV Law."
- Phyllis M., a satisfied MCV Law Estate Planning client
Irrevocable Trusts
Irrevocable Trust cannot be altered or revoked by the grantor (the individual who establishes the trust) during their lifetime and the grantor cannot be the Trustee.
Asset Preservation: Once in the Trust you have no control over the asset, so you cannot use the property as collateral but you are entitled to the interest/income that is generated from the asset.
Avoiding Probate: Assets held in an Irrevocable Trust can also help to avoid the probate process when the time comes to liquidate the grantor’s assets, which can help streamline estate administration after the grantor has passed away.
Special Needs Trusts
Special Needs Trusts are designed to provide financial support to individuals with disabilities without jeopardizing their eligibility for government benefits such as Social Security, Medicaid, and Supplemental Security Income (SSI). These Trusts must be carefully structured to ensure that the funds are used exclusively for the beneficiary’s needs, taking care of expenses that may not be covered by government benefits. Such expenses can include, but are not limited to:
-Medical expenses
-Caretakers
-Transportation costs
-Home modifications
-Educational expenses
A Special Needs Trust can safeguard assets for the beneficiary’s future, and provide them with a higher quality of life without impacting their ability to receive government benefits. The manner in which a Special Needs Trust is organized is best determined by an experienced Estate Planning lawyer, since these documents should be tailored to the exact nature of the beneficiary’s special needs, the assets that are being preserved for them, and the government benefits they will be receiving.
"Mr. Valerino is an excellent lawyer. His professionalism and dedication to his clients are unmatched. I was fortunate to find him. Thank you for helping me."
- Jeanene D., a satisfied MCV Law client
We’re Here to Help.
Using a Trust to improve the future of a beloved beneficiary is a kind and honorable decision. This process requires careful planning and reliable legal guidance, and MCV Law’s Syracuse Estate Planning lawyers are dedicated to helping families navigate these steps with ease and confidence. Connect with our team today to schedule a free consultation and start the conversation about securing your loved one’s future. We are here to help.