Long-Term Asset Protection With Trusts
At Blish & Cavanagh, LLP, we provide individuals and couples in Providence and throughout Rhode Island and Massachusetts with estate planning guidance focused on maximizing the value of estates while limiting the potential for future complications. Helping our clients choose appropriate trusts for their needs is a crucial part of our strategy.
It is important for everyone to at least have a will, but trusts are a more versatile option for those seeking to accomplish goals such as avoiding the need for probate, protecting assets, qualifying for long-term care assistance and minimizing estate tax liability. No matter your estate planning goals, there is likely a trust that can help you achieve them.
Types Of Trusts
Our lawyers will make sure you understand all of the options available to you, tailoring a solution that meets your needs. This may include establishing trusts such as:
- Revocable trusts: Also known as “living trusts,” you can control the assets going in or out of this trust and change its terms as long as you are alive. Revocable trusts are ideal for those seeking to avoid probate, manage property and assets, and protect future beneficiaries.
- Irrevocable trusts: Once established, an irrevocable trust cannot be terminated. These trusts are often set up as a means of Medicaid planning, allowing people to receive income from the trust, while not being able to touch the principal. To learn more about Medicaid planning, see Elder Law.
- Special needs trusts: Also known as supplemental needs trusts, these are ideal for ensuring your disabled spouse, child with special needs or other beneficiary has the resources he or she needs to receive continued care when you are gone. These trusts can be structured in a way to ensure that your beneficiaries will continue to qualify for programs such as Medicaid.
These are the most common trusts we establish for our clients but, based on your specific circumstances and the needs of your family, we can create specialized trusts tailored to your unique situation.
Unfortunately, the raw emotions after losing a loved one can create an environment where disagreements over an estate lead to lawsuits. Our attorneys are litigators, and they can efficiently resolve disputes, saving time and money for executors, guardians and beneficiaries.
The Guidance You Need From Proven Attorneys
To learn more about your estate planning and trust options, contact us today. Our lawyers look forward to helping you achieve peace of mind.