Brooklyn Trusts Lawyer

When most people think about estate planning, they think about writing a will. That’s certainly important, but it isn’t always enough. Working with a Brooklyn trusts lawyer can give you more control over how your assets are managed, protect your family from unnecessary complications, and make it easier to carry out your wishes when the time comes.

At Polizzotto & Polizzotto, we’ve spent more than 60 years helping individuals and families make thoughtful decisions about their future. As a family-owned law firm, we know every client comes to us with different priorities. 

Some are focused on protecting a home they’ve owned for decades. Others want to provide for children or grandchildren, prepare for long-term care, or simply make things easier for the people they’ll eventually leave behind. Whatever your goals, our Brooklyn elder law lawyers help you find a strategy that makes sense for you.

How Trusts Fit Into Your Estate Plan

A trust isn’t just for people with large estates. In fact, many of our clients are simply looking for a practical way to organize their affairs and protect the people they care about. Depending on the type of trust you choose, it can help with asset protection, probate avoidance, estate tax planning, or planning for future Medicaid eligibility.

A trust doesn’t have to do all the work. It’s usually one part of a larger estate plan that may also include a will, powers of attorney, a health care proxy, and a living will. When those pieces are in place, your wishes are easier to carry out and your family has clearer direction if the unexpected happens.

New York trust law is largely governed by the Estates, Powers, and Trusts Law (EPTL). While many trusts are administered outside of court, certain issues may still require the involvement of the Kings County Surrogate’s Court or another Surrogate’s Court, depending on the circumstances.

Types of Trusts

There’s no one-size-fits-all trust. For some people, it’s about avoiding probate. Others are thinking ahead to Medicaid planning, providing for a loved one with special needs, or making sure their wishes are carried out the way they intended.

We’ll walk you through your options, explain the pros and cons of each, and recommend a trust agreement that fits your overall estate plan. In many cases, a trust also works alongside other estate planning tools rather than replacing them.

Revocable Trusts

People often assume that once a trust is created, it’s set in stone. That’s not the case with a revocable living trust. As long as you’re able to make your own decisions, you can generally revise it if your family grows, your finances change, or your plans simply look different than they did a few years ago.

For many people, that flexibility is the biggest advantage. A revocable trust can also help keep assets out of probate when it’s properly funded, which may save your loved ones time while keeping more of your affairs private.

Irrevocable Trusts

An irrevocable trust is different because it can’t be changed once it’s created. Giving up that level of control may sound intimidating, but there are situations where it makes good financial sense.

These trusts are often used for asset protection, estate tax planning, and Medicaid planning. They may also play an important role in long-term care planning for families who want to prepare for future nursing home costs while preserving assets for a spouse or children.

AB Trust (Credit Shelter Trust)

An AB trust, also known as a credit shelter trust, is commonly used by married couples who want to reduce potential estate tax exposure while protecting family wealth.

When the first spouse passes away, the estate is divided into two trusts. That structure can help preserve assets for future beneficiaries while continuing to provide financial support for the surviving spouse.

An AB trust can accomplish more than one goal. Depending on your situation, potential benefits include:

• Estate tax planning: May reduce tax burdens for qualifying estates
• Protecting family wealth: Helps preserve assets for future generations
• Providing for a surviving spouse: Continues financial support without losing sight of long-term planning goals
• Maintaining control: Gives you more say over how trust assets are handled after your passing

Special Needs Trusts

If you have a loved one with a disability, a special needs trust can provide financial support without unnecessarily affecting eligibility for Medicaid benefits or other government benefits.

A special needs trust can be used to pay for expenses that government benefits may not cover, whether that’s specialized medical care, educational opportunities, transportation, therapy, or other services that improve a person’s quality of life. 

The right approach depends on the beneficiary’s needs, so these trusts should always be tailored to the individual rather than built from a standard template.

2503(c) Trust

A 2503(c) trust is often used when parents or grandparents want to make a financial gift to a child but prefer those assets to be managed for a while rather than distributed outright.

The trustee can use the trust funds to pay for education, medical care, and other expenses that support the child’s development. Once the beneficiary reaches age 21, the remaining assets are distributed to them in accordance with federal tax requirements. 

Income-Only Trust

An income-only trust is often discussed with clients who are thinking ahead about long-term care. It allows you to receive income generated by certain trust assets while protecting the principal under the right circumstances.

Because these trusts are frequently used in Medicaid planning, timing is important. Waiting until a health crisis occurs can limit your options, which is why many families begin planning years before they expect to need long-term care.

Charitable Trust

A charitable trust allows you to support organizations or causes that are important to you while making those gifts part of your overall estate plan.

Depending on how the trust is structured, you or another beneficiary may receive income for a period of time before the remaining assets pass to the selected charity. For some families, it’s a meaningful way to leave a legacy while also addressing certain tax issues.

Other Specialized Trusts

Sometimes a more specialized trust makes sense. It depends on your family, the assets you own, and what you’re hoping to accomplish.

Other trust options include:

• Life insurance trusts: Manage life insurance proceeds for your beneficiaries
• Qualified personal residence trusts: Focus on transferring a residence while planning for future tax consequences
• Asset protection trusts: Designed for certain asset preservation strategies
• Pet trusts: Ensure funds are available for the care of your pet
• Pooled Income Trusts: Often discussed as part of Medicaid planning in appropriate situations

A Thoughtful Approach to Trust Planning

Creating a trust isn’t just about deciding who receives your assets. It’s also about making sure the trust is properly prepared, funded, and coordinated with the rest of your estate plan. Small details can make a big difference later.

At Polizzotto & Polizzotto, we work with individuals and families at every stage of life. Some clients are creating their first estate plan, while others are updating older trust documents after retirement, welcoming grandchildren, or preparing for future long-term care needs.

Contact Our Brooklyn Trusts Lawyer

Planning ahead can give you and your loved ones greater peace of mind. Whether you’re interested in revocable and irrevocable trusts, want to learn more about asset protection, or are ready to build a comprehensive estate plan, we’re here to help.

For more than 60 years, Polizzotto & Polizzotto has helped families make important planning decisions with confidence. We believe good legal advice starts with listening. Once we understand what’s important to you, we can recommend a trust strategy that fits your goals and your family.

If you’re looking for a Brooklyn trusts lawyer, contact our office to schedule a consultation. We’d be glad to discuss your situation and help you decide what makes the most sense moving forward.