In establishing a trust, you authorize a person or organization, referred to as a “trustee,” to manage your property for the benefit of yourself, or any other party. There are a number of reasons why a person, referred to as a “grantor” would want to enter a trust relationship. A beneficiary, for example, may not be old enough or competent enough to manage the property held in a trust. There are also tax and charitable giving considerations that make trusts appealing.
How We Can Help
The estate planning attorneys at Tully Rinckey PLLC can help Central New Yorkers establish a variety of trusts, including those that are established during their lifetime (“inter vivos”) or after death (“testamentary”). Depending on the circumstances, a trustee or beneficiary may be able to cancel or alter the trust (“revocable”) or it may be unchangeable (“irrevocable”).
The types of trusts that Tully Rinckey PLLC’s estate planning lawyers in Syracuse, N.Y. can prepare for you include the following:
2503(c) Minor’s Trust: An irrevocable trust under which a trustee is required to spend trust income and assets for the benefit of a minor beneficiary. Remaining trust assets and income must be transferred to the beneficiary when he or she turns 21 years old.
A/B Trust: A combination of trusts that enable married couples to maximize their tax exemptions.
Charitable Trusts: Two types of charitable trusts include the:
- Charitable Remainder Trust: An irrevocable trust that allows grantors to receive income from the trust over a period of time (e.g. 20 years) as either a fixed dollar amount or fixed percentage of the trust’s assets. At the end of the trust’s term, its remaining assets are transferred to a designated charitable organization; and
- Charitable Lead Trust: Allows charitable organizations to receive income from a trust while the grantor is living, but after his or her death its assets are transferred to other designated parties, such as family members.
Crummy Trust: An irrevocable trust that can hold gifts for beneficiaries beyond their 21st birthday.
Generation Skipping Trust (Dynasty Trust): An irrevocable or revocable trust that grandparent grantors often establish for their grandchildren or subsequent familial generations if there is tension with the children, their children are doing well financially, or to prevent a child’s ex-spouse from benefiting from the trust’s property.
Medicaid Trust: An irrevocable trust under which a trustee obtains title to property but the grantor or other beneficiaries may continue to receive income from this property. The trust property may be fully or partially exempted from the grantor’s Medicaid eligibility considerations, depending on when assets were transferred into the trust and the amount of income it generates.
Special Needs Trust (Supplemental Needs Trust): The two types of special needs trusts include:
- Self-started special needs trust: Established by a parent, grandparent, guardian or court, with the income coming from a beneficiary with special needs and under 65 years old.
- Third-part special needs trust: Can be established by any party for the benefit of a person with special needs, and the income source is not limited to the beneficiary.
Uniform Transfers to Minors Act: An alternative to a trust under which a custodian manages property on behalf of a minor beneficiary but does not take ownership to it.
Tully Rinckey PLLC’s estate planning attorneys in Syracuse, N.Y. are able to help trustees perform their duties and represent them if they are involved in litigation over claims of fraud or breach of fiduciary duty. We are also capable of representing grantors, beneficiaries, and interested parties in trust contests stemming from allegations of undue influence, lack of testamentary capacity, or other claims.
Call a Tully Rinckey PLLC trust lawyer in Syracuse, N.Y. We can represent individuals throughout Central New York, including Syracuse, Cicero, North Syracuse, Manlius, Liverpool, East Syracuse, Cazenovia, Baldwinsville, and DeWitt. To schedule a meeting with a trust attorney, call 315-492-4700 or e-mail firstname.lastname@example.org. Click here to view a video about our consultation process.
Our office is minutes away from Destiny USA, formerly the Carousel Mall, and several courthouses. Located in Franklin Square, near exits for I-81 and I-690, our office is easy to get to and offers plenty of nearby parking.
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