A Family Trust is a contractual entity formed through a written agreement between yourself and the individual or individuals you select to serve as trustees.
Often, these will be close relatives such as your adult children.
As the Grantor, you have the power to establish the rules of the trust, such as who the trustees are, whether they can make decisions for the trust alone or only as a group, and who successor trustees are in the event that the original trustees cannot serve in the future.
You continue to control the assets, and even derive income from them.
Establishing a Family Trust requires insight and due diligence.
The attorneys at Friedman & Ranzenhofer have been helping people in Buffalo enjoy a safe and secure retirement since 1955.
Call us today at 716-542-5444 for a free consultation with an experienced Buffalo elder law and Medicaid planning attorney.