Can An Irrevocable Trust Be Revoked?
This edition of the Koldin Report E-Newsletter is part of a series on questions we received from our “contact us” form on our website about Elder Law, Estate Planning and Medicaid.
All prior newsletters are saved on our website. You can read them by clicking here.
In this newsletter we answer the following question posed by a visitor to our website:
If I set up an Irrevocable Trust, can I cancel it later?
Yes, an Irrevocable Trust can be canceled or changed. However, you cannot revoke an Irrevocable Trust by yourself. New York law specifically allows an Irrevocable Trust to be revoked or modified by all interested parties.
You do not reserve the right by yourself to revoke your Irrevocable Trust. Since you cannot revoke the Irrevocable Trust by yourself, your Trust is protected from a Medicaid Agency forcing you to revoke your Trust and take back your life savings to use towards the cost of care.
Since you cannot revoke the Irrevocable Trust by yourself, the assets that you transferred to your Trust are protected.
New York law defines interested parties as the Grantors of the Trust and the Beneficiaries of the Trust.
For most of our clients, the interested parties to an Irrevocable Trust are the parents who create the Trust and the children who are the beneficiaries of the Trust.
Depending how the Trust is written, this means that the parents and children together can revoke an Irrevocable Trust.
For more information about Irrevocable Trusts, please see our website by clicking here.
At the Koldin Law Center, P.C., located in East Syracuse, New York, we have over 50 years of experience helping individuals plan for immediate crisis and long term care. Our attorneys are available to discuss your estate planning options, including the advantages and disadvantages of Revocable Trusts and Irrevocable Trusts, along with other estate planning considerations including a Will, Power of Attorney, and Health Care Proxy. We do not charge a fee for the initial consultation. We welcome your children, family attorney, accountant, and/or financial planner to be present at the initial consultation.
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Remember that the offers many services for clients of all ages. Our services range from basic estate planning such as a simple will to complex estate planning including asset preservation planning.
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