A popular estate planning tool that Ira K. Miller & Associates helps develop are revocable living trusts. These are created to decide who will get your property when you pass away. In this case, ‘revocable’ means that you can change and alter your trust as time passes and your circumstances change. The ‘Living’ aspect of the trust is just in regard to you making it during your lifetime.
Should you become incapacitated, revocable living trusts also offer you protection, as they are designed to work in conjunction with a last will and testament.
A revocable living trust that is funded correctly can avoid probate all together. Although estate plans vary significantly between one another, a revocable living trust is a great estate planning option.
For more information, the attorney at Ira K. Miller & Associates are happy to talk. Please feel free to give us a call at (718) 875-2191 or fill out our online form.