When it comes to estate planning, you may have a variety of options on the table. For example, you could be considering either a revocable living trust or an irrevocable living trust. In Jamaica, and other parts of New York, it is critical to approach these issues correctly and avoid unnecessary complications that affect your property. At Joseph A. Ledwidge, P.C., our law firm knows how challenging estate planning matters can be for some people.
When deciding whether to set up a revocable or irrevocable living trust, there are a multitude of factors to take into consideration. According to the NYC Caregiver’s site, smaller estates do not always need revocable trusts due to low probate expenses. However, revocable trusts may work well for sizable estates which wish to prevent legal fees, court costs and probate. Moreover, revocable trusts may be particularly beneficial for those who own property in a number of states.
Revocable trusts are advantageous for some, while others benefit from an irrevocable trust. For example, if you want to set up a trust for a grandchild or retain Medicaid eligibility while securing your assets, an irrevocable living trust may be the right move. That said, it is very important to take a close look at the individual details pertaining to your situation beforehand.
Whether you decide to establish a living trust or opt for a different type of estate plan, it is essential to do everything you can to protect your assets. On our trust administration page, you can read more about living trusts .