Irrevocable Trust Helping Individuals for 30 years

Irrevocable Trusts Lawyer in Fishkill, New York

There are two main forms of Trusts: Revocable and Irrevocable. A Revocable Trust allows a person to act as their own Trustee, you are still in total control. An Irrevocable Trust requires a Trustee to be someone other than you or your spouse to act as a Trustee.

People creating and using an Irrevocable Trust continue to control who their Trustee is and what their Trustee can do. Further, the person creating the Trust can name new Trustees and Beneficiaries.

Medicaid protection is the most common reason a Irrevocable Trust is used. For the most part, individuals, like yourself, turn to an Estate Planning Attorney to draft one to minimize your exposure to Nursing Home expenses and Medicaid. When we prepare an Irrevocable Trust, it can protect your assets from the costs of Nursing Home care and possibly other creditors.

A few of the benefits of an irrevocable trust include:

  • Insulating assets from Nursing Home care/Medicaid
  • Planning for charitable gifts
  • Reducing Estate Taxes
  • Controlling gifts to beneficiaries
  • Planning for special needs
  • Children/Grandchildren with drug abuse issues
  • Limiting creditor's access

Can You Add Assets to an Irrevocable Trust?

Yes, assets can be added to an irrevocable trust. Generally speaking, assets that are added to an irrevocable trust are legally owned by the trust itself, not the grantor (person creating the trust). This means that the grantor can no longer make changes to those assets, such as selling or transferring them. Furthermore, assets that are put in an irrevocable trust may be subject to certain taxes and fees.

Therefore, it is important to consult a qualified attorney before adding any assets to an irrevocable trust. Doing so will help ensure that all of the necessary paperwork is properly completed and that the trust is adhering to all applicable laws.

 Additionally, it will help protect the grantor from any potential legal issues that may arise in the future. By taking these steps, you can rest assured that your assets are being handled according to the terms of the trust agreement.

Continue Reading Read Less

What Our Clients Are Saying

At Martin Law PC, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

    “Always provided sound legal advice”
    “Martin Law makes their clients a priority and is there when you need him. They always provided sound legal advise. I am very grateful for all their help over the years.”
    - Christine Murray
    “a kind, thorough, and professional attorney...”
    “strongly recommend him to anyone who is in need of legal counsel”
    - Sharon and George Gillen
    “Mr. Martin made it so easy to achieve the results I wanted.”
    “It was the best decision I ever made. Each time I had a question about something, they were there with the answers.”
    - Robert Beahan
    “Michael and his staff are extremely professional and thorough.”
    My husband and I have used Martin Law on several occasions and have always been very pleased. In addition to receiving excellent advice, Michael and his staff are extremely professional and thorough. I would not hesitate to recommend Michael Martin (and have).
    - Risa Getman
    “The service has been excellent”
    I have used the Martin Law Firm for over 20 years. The service has been excellent handling real estate transactions, lawsuits and Estate Planning.
    - Fred Cantor

Free Initial Consultation

Call our dutchess county estate planning lawyer
  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.
  • By submitting, you agree to receive text messages from Martin Law PC at the number provided, including those related to your inquiry, follow-ups, and review requests, via automated technology. Consent is not a condition of purchase. Msg & data rates may apply. Msg frequency may vary. Reply STOP to cancel or HELP for assistance. Acceptable Use Policy

What Sets Martin Law Apart?

Our Values
  • We have more than 20 years of legal experience.
  • We help our clients find the peace of mind they need.
  • We offer both personal attention and professional skill.
  • We make house calls.
  • We take pride in protecting the wishes of our clients.
  • We offer our clients free and confidential consultations.