Creating a Revocable Trust
One of the estate-planning services we provide here at Meaney Law PLLC is creating revocable trusts (sometimes called “living trusts”) for clients who want their home or other assets to go to their heirs without having to go through the lengthy and costly probate process and to limit estate tax liability on any assets that are in the trust.
A revocable trust is simply a trust that can be changed at any time. Why should you use a revocable trust as part of your estate plan? Some benefits include …
- Planning for mental disability. Assets held in a revocable trust at the time a person becomes mentally incapacitated can be managed by their disability trustee instead of by a court-supervised guardian.
- Avoiding probate. Assets held in a revocable trust at the time of a person’s death will pass directly to the beneficiaries named in the trust agreement and outside of the probate process.
- Protecting the privacy of your property and beneficiaries after you die. By avoiding probate, your trust agreement will remain a private document and avoid becoming a public record for all the world to see.
- Of course, there is much more to a revocable trust than can be covered in a brief newsletter, including some disadvantages. It all depends on the particular person. Contact Meaney Law PLLC at 631.427.2900 for a free consultation to discuss whether a revocable trust is right for you or your client.
Get A Free Consultation
Meaney Law PLLC helped me to keep my home. They were thoughtful and accommodating to my needs. Andrew and James treated me like family, not a client. I would recommend them to anyone. Meaney Law PLLC really helped me more than you can imagine. I never thought I could have recovered from that and keep my home. Thanks again!
~ Lori Y., Northport
We were first-time homebuyers without a clue of how the whole process worked. Meaney Law PLLC took the time to explain everything to us in clear, understandable language, from the time we signed the contract to the day we finally closed. When a problem came up on the title report, James and Andrew went above and beyond to take care of it, and with their expertise, we were able to close on time. Thank you
~ Susan L., Huntington
My husband lost his job and were getting in over our heads with debt. After a few unfortunate failed attempts at directly asking out mortgage company for help , we found Meaney Law PLLC. Not only did they get us into a mortgage payment that was affordable for our family, they were so understanding and compassionate. Andrew and James were reachable and honest through the process and truly cared about helping us. They never left us hanging and always followed through with their word. If it wasn’t for Meaney Law PLLC, I’m not sure we would be in our home today. We are so grateful!!!
~ Angela B., Kings Park.
Meaney Law PLLC handled the sale of our previous home and the purchase of our current one. This involved multiple parties on a very tight schedule and could have been a very stressful experience but everything was concluded on time with a welcome lack of drama.
~ Richard T., Lloyd Harbor