A Living Trust is a trust created by a person while they are alive, and provides for that person or others. A Living Trust may be either revocable or irrevocable, depending on the objective. Trusts are a useful and flexible tool for both estate and asset protection planning, including the assurance of continued governmental benefits, and wealth preservation. Trusts are useful for avoiding probate, and for protecting assets from creditors or other unwanted claims.

A revocable Living Trust provides flexibility and probate avoidance, and is most useful for clients with complex family situations, privacy concerns, or who own real property in more than one State.

Irrevocable trusts are often used to reduce estate taxes, preserve governmental benefits, or to protect assets from the nursing home. They are also useful tools in second marriages, or for families struggling with problems of alcoholism, drug addiction, mental health issues, or creditor claims.

Testamentary trusts are trusts which are created in a Last Will and Testament. They are not considered “living trusts”, as they are not created while you are living, but rather upon your death and through your Will. The selection of a living trust or testamentary trust requires careful consideration and experience.
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Richard A. Kroll, Esq. has an active practice in the area of Estate Planning, Trusts, and Probate. He is a member of the...

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Private practice in Rochester, New York with the Kroll Law Firm since 2007, a group practice in Brighton, New York with emphasis on...

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Marcus's practice involves estate planning for all families, including LGBT couples, second marriages, and families who have members with...

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