A revocable living trust does offer certain advantages over a last will. RLTs avoid the cost and time of probate and are much more difficult to challenge.
White Plains, NY (PRWEB) February 04, 2014
Westchester County elder law attorney Anthony J. Enea, managing partner at Enea, Scanlan & Sirignano, LLP in White Plains, N.Y., recently addressed the benefits and drawbacks of the revocable living trust at the New York State Bar Association’s (NYSBA) 2014 Senior Lawyers Section Annual Meeting. While many default to a last will and testament when planning the future of their estate, Mr. Enea urges seniors to consider the revocable living trust as a potentially preferable option.
The Senior Lawyers Section meeting, “Strategies for Optimizing and Protecting Your and Your Clients’ Assets in Retirement,” marks the latest speaking engagement for Mr. Enea, who has spent three decades protecting the rights of seniors and the disabled. The program was designed to give practitioners guidance on issues often confronted when retirement is contemplated, including under which circumstances a will or trust should be utilized.
The revocable living trust (RLT) has been gaining in popularity over the past decade, particularly among the baby boomer generation. Created during an individual’s lifetime, a RLT determines how his or her property is to be managed and distributed while he or she is alive and upon death. The RLT’s grantor, or creator, retains the power to freely amend and revoke the trust as well as to reacquire its assets.
“A revocable living trust does offer certain advantages over a last will,” explained Mr. Enea. “RLTs avoid the cost and time of probate and are much more difficult to challenge. Unlike a will, its provisions are not accessible for public review – meaning there is a much greater level of privacy.”
Another significant benefit, shares Mr. Enea, “The assets in a RLT will be available for immediate distribution after the death of the grantor. This is extremely useful in cases where the family needs funds quickly to pay any outstanding bills or funeral expenses.” Also, should the grantor ever become incapacitated or disabled, a RLT allows named trustees to continue managing the assets on the grantor’s behalf.
Assets transferred to a RLT are not protected for the purposes of Medicaid eligibility or long-term care planning. Since the trust is revocable, it is considered an available resource for Medicaid.
“While a RLT offers many benefits, it does not have any distinct estate tax planning advantages over a last will and does not necessarily eliminate the need for a last will in its entirety,” said Mr. Enea. “I would advise anyone considering either option to consult with an experienced attorney to determine the best course of action for their circumstances.”
Recently named Westchester County’s Leading Elder Care Attorney at the 2013 Above the Bar Awards, Anthony J. Enea is the immediate past chair of the New York State Bar Association’s Elder Law Section. Mr. Enea’s practice areas include elder law; Medicaid planning and applications; wills, trusts and estates; guardianships and estate litigation.
Enea, Scanlan & Sirignano, LLP is located at 245 Main Street in White Plains, N.Y. with additional offices in Somers, N.Y. Elder law attorney Anthony J. Enea can be reached at 914-948-1500 or firstname.lastname@example.org. For the latest news, visit Enea, Scanlan & Sirignano online at http://www.esslawfirm.com.
About Enea, Scanlan & Sirignano, LLP
Enea, Scanlan & Sirignano, LLP is an AV preeminent rated elder law firm with offices in White Plains and Somers, N.Y. The practice concentrates on Elder law; Medicaid Planning, Applications and Law; Medicare Law; Wills, Trusts and Estates; Guardianships; Estate Litigation; Supplemental Needs Trusts; and Special Needs Planning. Enea, Scanlan & Sirignano, LLP serves Westchester, Rockland, Putnam, the Bronx, Manhattan, Long Island and Queens and is committed to providing the highest quality legal services to seniors and the disabled. Visit the firm online at http://www.esslawfirm.com and http://www.westchesterseniors.com.