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For a New Yorker, an irrevocable trust can be a valuable addition to your estate plan, a down-to-earth way to make sure what you’ve worked for goes exactly where you want it to go. Unlike a will, which is a public document subject to the probate process, an irrevocable trust provides a private and powerful method for protecting your assets and your legacy. It’s a tool that lets you secure your family’s financial future against a range of challenges, offering you a sense of control and peace of mind.
Creating a trust that truly honors your goals requires a thoughtful and nuanced approach. An irrevocable trusts attorney in Syracuse from Davies Law Firm can assist you in creating a tailored trust that addresses your specific needs. We can walk you through the process of creating a trust that is a true reflection of your wishes, protecting your and your beneficiaries’ best interests for years to come.
To schedule a telephone conference with our experienced Central New York estate planning lawyers, contact us today at (315) 472-6511.
Over 10,000 PEOPLE Have Trusted Davies Law Firm
I went to Davies’ Estate Planning Seminar with the not so positive attitude that I sometimes have…The seminar was extremely throughout and professionally presented. I decided …
I needed some legal advice about my grandfathers home, and assets. The gentleman at Davie’s Law Firm answered all of my questions and helped get me on track! …
Contacted the Davies Law firm regarding our Estate Plan. Fred Davies thoroughly explained the intricacies of Living Will, Health Care proxies, Medicaid qualifications for Nursing Homes and provided guidance for…
In New York, an irrevocable trust is a legally binding arrangement where the creator, or trustor, transfers the legal title of assets to a trustee to hold and manage for a designated beneficiary. The defining feature of this trust is its permanence. You’re giving away ownership of the assets. The trustee then has a fiduciary duty to manage these assets according to the trust’s terms, always acting in the best interest of the beneficiary.
Once you create this trust, you generally can’t change or terminate it without the beneficiaries’ consent or a court order. It’s a significant commitment, and you’re essentially giving up control over the assets you place inside it. This is why it’s so important to understand its implications fully before moving forward.
When it comes to irrevocable and revocable trusts, the primary difference is flexibility versus finality. A revocable trust, also known as a living trust, allows you to maintain control. You can change the terms, add or remove assets, or even dissolve the trust entirely at any time. It’s a more flexible tool that becomes irrevocable only upon your death.
An irrevocable trust, on the other hand, is permanent from the moment it’s established. Once you transfer assets into it, you lose the ability to manage, sell, or take them back freely. This loss of control is the very feature that provides its unique benefits.
Irrevocable trusts offer several key advantages that can be crucial for your financial future. Establishing an irrevocable trust may be beneficial to you if you’re looking to achieve the following:
An irrevocable trust is a useful addition to your estate plan to achieve your most important financial and personal goals. It can provide a lasting framework for your assets and your family.
Thinking about an irrevocable trust to protect your family and future? Our Syracuse team at Davies Law Firm advises clients throughout the region—including East Syracuse, DeWitt, Fayetteville–Manlius, Jamesville, Camillus, Solvay, Liverpool, Cicero, Clay, Baldwinsville, North Syracuse, and Skaneateles. We can walk you through your choices and craft a plan that fits your goals. Connect with us today for counsel tailored to you.
| Planning Goal | Common Trust Type or Scenario | Key Benefit |
|---|---|---|
| Asset Protection | Irrevocable Asset Protection Trust | Shields assets from creditors and lawsuits by removing them from your personal ownership |
| Estate Tax Savings | Irrevocable Life Insurance Trust or Estate Planning Trust | Reduces the size of your taxable estate, which may lower or eliminate estate taxes |
| Medicaid Planning | Medicaid Asset Protection Trust | Helps you qualify for Medicaid by transferring assets outside the five-year look-back period |
| Legacy Preservation | Irrevocable Trust for Family Assets | Passes down specific assets like a business or property without probate delays |
| Family-Specific Provisions | Special Needs Trust or Family Protection Trust | Ensures support for a child with special needs or preserves inheritance for children from a prior marriage |
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We went to a Living Trusts seminar in 2006 where we first met Fred Davies. After some insightful discussions with him, and as we wanted to protect our assets for our and our children’s’ futures …
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An irrevocable trust can be a powerful framework for protecting your assets and creating a lasting financial legacy for your family. The permanence of such a trust is precisely what gives it its unique strength, allowing you to implement sophisticated strategies that can shield your wealth from various risks. When you put assets into an irrevocable trust, you are taking a crucial step to secure your financial future and that of your loved ones, a move that provides considerable peace of mind.
One of the most compelling reasons to use an irrevocable trust is the robust asset protection it offers. In New York, once you transfer assets into an irrevocable trust, they are no longer legally your property. This is a critical distinction because it means those assets are generally out of the reach of your personal creditors and are protected from future lawsuits. For people in professions with high liability or those with significant business interests, this can be an essential tool for securing personal wealth.
For estates of a certain size, federal and New York State estate taxes can significantly reduce the amount of wealth you pass on to your beneficiaries. An irrevocable trust can be a key part of a strategy to minimize these taxes. By transferring assets into the trust, you remove their value from your taxable estate. This can help you stay below the state and federal exemption thresholds, which are substantial in New York but can still be a concern for high-net-worth individuals. It’s a way to ensure more of your hard-earned wealth goes to your heirs and not to the government.
Irrevocable trusts can be a powerful vehicle for gifting, allowing you to transfer assets to loved ones in a controlled and tax-efficient manner. Instead of giving a direct gift, which might be at risk from a beneficiary’s creditors or poor financial choices, you can place assets in a trust for them. The trust can set specific conditions for how and when the assets are distributed, providing long-term security. Certain trusts, like a Spousal Lifetime Access Trust (SLAT), even allow you to make a gift to your spouse while still maintaining some indirect access to the trust assets, providing both flexibility and tax benefits.
Ultimately, an irrevocable trust is about preserving your family’s financial legacy for generations to come. It ensures that your assets are managed and distributed exactly as you intend, bypassing the often lengthy and public probate process. This provides privacy and can prevent family disputes over assets. You can use the trust to provide for a child with special needs without jeopardizing their eligibility for government benefits or to create a stream of income for grandchildren. It’s a way to leave a clear and enduring blueprint for your family’s financial well-being, protecting the fruits of your labor long after you are gone.
Crafting a plan to protect your assets and family legacy requires careful consideration of New York’s laws and your unique financial situation. Let a Central New York irrevocable trusts attorney from Davies Law Firm show you how a properly structured trust can be the cornerstone of your estate plan, providing security and peace of mind for you and the generations that follow.
Get in touch with us today at (315) 472-6511 to begin building your lasting legacy.
Fred Davies, Colonel, USAF (retired), former Estate Planning Subject Matter Expert for the U.S. Air Force.
My daughter hosted a seminar for The Davies Law firm in 2002 and my husband and I attended. At the time, we worked with Fred and his team to put a plan in place…
After hearing Fred Davies at a trust seminar, my husband and I worked with the firm to set up a trust. It was a very good experience. Everyone was very helpful, courteous, knowledgeable and efficient. Recently a friend…
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Considering the potential need for long-term care can be a difficult topic, but it’s an essential part of a complete financial plan. In New York, the costs of nursing home care can quickly deplete a lifetime of savings. An irrevocable trust can help protect your assets and retain your eligibility for Medicaid. Proactive planning for long-term care allows you to control your legacy and provides security for you and your family.
A type of irrevocable trust often referred to as a Medicaid Asset Protection Trust (MAPT) is a legal strategy to meet Medicaid’s financial requirements for long-term care. Medicaid is a needs-based government benefit program for people with limited resources, so you can only have a certain amount of assets in your name to be eligible. By transferring assets like your home, stocks, and savings into an irrevocable trust, you no longer legally own them. The trust becomes the owner, making those assets non-countable for Medicaid eligibility purposes. This is a vital way to safeguard your wealth without having to “spend down” everything you’ve worked for.
New York has a 60-month (5-year) look-back period for nursing home Medicaid. This means that when you apply for Medicaid, the state will review your financial records for the five years preceding your application. Any assets you transferred for less than fair market value during this time, like placing them into an irrevocable trust or gifting assets to loved ones, will trigger a penalty period. During this period, you will be ineligible for Medicaid benefits and will have to pay for your own care. This is a critical factor and emphasizes why it’s so important to plan ahead. Starting this process well in advance of any potential need for long-term care is the key to a successful strategy.
For many New Yorkers, their home is their most valuable asset and the foundation of their family legacy. A Medicaid Asset Protection Trust can be a perfect way to protect your house. When you transfer your home’s title to the trust, you can still retain the right to live there for the rest of your life. This gives you peace of mind, knowing you won’t be forced to sell your home to pay for long-term care. It also protects the home from Medicaid Estate Recovery, which is when the state tries to recoup the cost of your care from your estate after you pass away. Placing your home in an irrevocable trust can help ensure it passes to your loved ones, exactly as you intended.
Considering Medicaid planning and the intricacies of irrevocable trusts in New York can seem like a lot to handle. Our Central New York irrevocable trusts attorney from Davies Law Firm can craft a plan that secures your assets and protects your family’s future, giving you the confidence and peace of mind you deserve.
Schedule a telephone conference today at (315) 472-6511 to start this important conversation.
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The Davies Law Firm helped my 86 year old father create a Trust about two years before he passed. I was there for the entire process and Fred and Bill were very personable and listened to my father’s concerns…
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Life is full of unique situations that require thoughtful planning, particularly when it comes to your family and your assets. For those in Central New York, an irrevocable trust can be a powerful tool that goes beyond the typical estate planning goals of tax reduction or probate avoidance. It gives you the ability to create a lasting legacy and provide for the people you love in very specific and protective ways. This approach offers a sense of security, knowing that your wishes are secured no matter what the future holds.
If you have a child with special needs, you’re likely concerned about their financial security and well-being after you’re gone. An irrevocable trust, specifically a Supplemental Needs Trust (SNT) in New York, is the perfect solution. It allows you to set aside assets for your child without disqualifying them from eligibility for crucial government benefits, like Medicaid and Supplemental Security Income (SSI).
Without this trust, a direct inheritance could be considered a countable asset, causing them to lose the very benefits they rely on. The funds in an SNT can be used to pay for a variety of things that government programs don’t cover, such as education, hobbies, vacations, or household goods, enriching their quality of life.
When you’re in a second marriage with children from a previous one, you have two priorities: providing for your new spouse and protecting the inheritance of your children. New York law gives a surviving spouse the right to a portion of your estate, even if your will says otherwise. An irrevocable trust can help you strike this balance. A Qualified Terminable Interest Property (QTIP) trust, for instance, can provide a stream of income for your surviving spouse for their lifetime. Once they pass away, the remaining assets in the trust are then distributed to your children from the first marriage, just as you planned. This ensures both your spouse’s well-being and your children’s inheritance are secure.
A family business is often a centerpiece of your life’s work. You want to see it thrive and continue to provide for your family for years to come. An irrevocable trust can be the ideal tool for this kind of succession planning. Placing the business assets or ownership interests into a trust allows you to establish a clear and controlled process for its transfer. This avoids the public and often contentious probate process, which can stall business operations and create family disputes. The trust can set out specific terms for how the business should be managed, who will take over as trustee, and how the profits will be distributed to beneficiaries, ensuring a smooth transition and the business’s longevity.
Life’s most important decisions often involve those closest to you and your most cherished assets. When you are ready to make a plan that addresses your unique family dynamics, our Onondaga County irrevocable trusts attorney from Davies Law Firm can provide the guidance you need.
Schedule a telephone conference today by calling (315) 472-6511 to begin this important work.
A strong estate plan requires more than just documents; it demands knowledge, precision, and trusted guidance. At Davies Law Firm, you will work with attorneys who bring decades of experience, a commitment to excellence, and a proven history of service in helping clients structure irrevocable trusts and broader estate strategies.
Frederick P. Davies, founder of Davies Law Firm, has decades of legal experience shaped by a distinguished military career. As a former officer in the U.S. Navy Judge Advocate General’s Corps, he began his legal work in estate planning and litigation. After nearly thirty years of service across multiple branches, including serving as a senior instructor at the Air Force’s legal education center, he established his firm in New York in 1993. Since then, the firm has become a trusted resource for clients seeking advice on irrevocable trusts, Medicaid planning, and probate.
Mr. Davies provides clear, disciplined, and strategic counsel to families across the region. With more than 1,000 presentations on Medicaid, tax law, and long-term care planning, he is recognized for his ability to educate and empower clients. His extensive professional affiliations, including membership in the American Bar Association and the Estate Planning Council of Central New York, reflect his dedication to the legal community. Clients benefit from his unique combination of military discipline, legal expertise, and commitment to service.
William P. Davies, a partner at Davies Law Firm, brings academic excellence and advanced training to the field of estate planning. Graduating magna cum laude from Albany Law School, he went on to earn an L.L.M. in Estate Planning from the University of Miami. Having contributed to the firm since his teenage years, Mr. Davies now guides clients in both New York and Florida on irrevocable trusts, wills, and tax-efficient strategies to secure their estates. His counsel ensures that families establish strong and enduring protections for their assets.
Beyond his legal practice, Mr. Davies is actively engaged in the estate planning community. He has presented at continuing legal education events and served as President of the Estate Planning Council of Central New York. His published legal commentary and editorial contributions to the Albany Law Review highlight his commitment to scholarship and thought leadership. This balance of academic depth, professional service, and practical experience allows him to deliver precise, effective solutions for clients’ estate planning needs.
Fred Davies, Colonel, USAF (Ret.), served as a JAG officer and was the U.S. Air Force’s Estate Planning Subject Matter Expert.
Excellent Law Firm and I have enjoyed working with Fred and Bill Davies. I have mostly worked with Bill and found him, much like his father, to be very professional and responsive to my needs..
When I needed to move my mother from NY to FL to care for her and then find a nursing home facility nearby , applying for Medicaid became my responsibility…
Fred Davies and his team are friendly, attentive, and go out of their way to help their clients make the best decisions possible. Their guidance and explanations on setting up a revocable trust were very much…
Establishing an irrevocable trust is a significant step in your estate planning, a process that requires careful thought and a clear understanding of your goals. It is a formal legal process in New York that requires you, the trustor, to create a trust document and then transfer assets into it. This isn’t a simple task, and the decisions you make at the outset will have lasting effects on your financial future and your beneficiaries. The permanence of this type of trust is what makes getting it right from the beginning so important.
A trust is simply an empty container until you transfer assets into it. This means legally changing the ownership of your assets from your name to the name of the trust. This process can involve:
Once the trust is funded, the trustee takes over the administration. It’s important to remember that for Medicaid planning and asset-protection objectives, the trustor typically should not serve as trustee (or be eligible to receive principal). In other irrevocable-trust contexts, a trustor can be trustee, but that may undermine protection or tax benefits.
Your chosen trustee will manage the assets, pay any bills or taxes associated with the trust, and make distributions as directed on your and your trust’s behalf. New York law provides a framework for this administration, and we can guide your chosen trustee in fulfilling their duties, ensuring your trust functions as you intended.
With a New York irrevocable trusts attorney from Davies Law Firm by your side, you can proceed with confidence. We include comprehensive support to ensure your trust is properly funded. We can coordinate directly with financial institutions and provide follow-through on outstanding transfers and beneficiary updates. Our commitment includes taking care that your legacy is protected and your loved ones are provided for.
Contact us today at (315) 472-6511 to begin this process.
The structure of any trust in New York involves three core roles: the trustor, the trustee, and the beneficiary. Understanding what each role does is critical to setting up an effective plan for your future. Additionally, careful consideration of how these roles interact within an irrevocable trust compared to a revocable one is important.
The trustor is the person who creates and funds the trust. You are the trustor of your trust. Your job is to outline the terms, specify the beneficiaries, and transfer your assets into the trust. Once the assets are placed into an irrevocable trust, the transfer is permanent. You give up all ownership and control over those assets. This step is what allows the trust to provide powerful asset protection and tax benefits. It is a one-way street; you cannot simply change your mind later and take the assets back. You will need the authorization of your beneficiaries and a court order to facilitate any changes to an irrevocable trust.
In contrast, if you were to create a revocable trust, your role as the trustor would be much different. You would retain full control over the assets and could change or revoke the trust at any time.
Your attorney can guide you through the process of creating and funding your trust to avoid any issues or pitfalls down the line.
The trustee is the individual or institution responsible for managing the trust’s assets. This person acts as a fiduciary, meaning they have a legal duty to act in the best interest of the beneficiaries. In an irrevocable trust, the trustee is a third party, and they manage the trust according to the terms you laid out as the trustor. Their duties include:
With a revocable trust, you can serve as your own trustee. This gives you direct control over your assets and the ability to manage them as you see fit during your lifetime. In an irrevocable trust, you must appoint a separate trustee. Giving up control over the trust assets and removing them from your estate affords you the benefits of an irrevocable trust.
A skilled irrevocable trust attorney can walk you through the qualifications of a good trustee and help you make an informed decision that honors your goals.
The beneficiaries are the people or entities who will receive the benefits from the trust. They can receive income, principal, or both, as you determine when you create the trust. In an irrevocable trust, the beneficiaries have a legal right to the distributions according to the trust’s terms. They can also hold the trustee accountable if they do not follow the trust document or breach their fiduciary responsibility.
In a revocable trust, you are typically the primary beneficiary during your lifetime. Your beneficiaries only have a claim to the assets after your death. In an irrevocable trust, the beneficiaries have a more immediate legal interest, which is another reason why the trust provides a stronger layer of protection.
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The Davies Law Firm is way more than you expect from any lawyer. Fred is very thorough and that’s an understatement. He is very informative and always available to help. They set up our Living Trust…
My Dad choose the Davies Law Firm to set up a Family Trust so when the day came all would be in order and our family could avoid the long probate process – Everything was in order…
The Davies Law Firm handled the closing of the sale of our family home after the death of our dad. Everyone involved made a very difficult situation as painless as possible…
Choosing a law firm for your irrevocable trust is a major decision. It’s about building a relationship grounded in respect and a shared understanding of your goals. At Davies Law Firm, we’ve earned the trust of families across Syracuse, DeWitt, Fayetteville, Manlius, Camillus, Liverpool, Cicero, Clay, Baldwinsville, North Syracuse, East Syracuse, and Skaneateles—delivering a transparent, tailored experience every step of the way.
When it comes to New York law, there is no substitute for experience. Our team has a deep understanding of the unique laws and regulations that affect estate planning in our state. We have been helping clients with their estate planning needs for over thirty years, having served over 10,000 clients. This history means we have encountered and successfully handled a wide range of situations, giving you confidence that your case is in capable hands. Our long-standing presence in Central New York means we are familiar with local issues and can provide you with a well-informed strategy.
We believe that your legal counsel should be clear and straightforward from the very beginning. We are committed to transparent pricing and honest communication. We work on a flat-fee basis for many of our services, which means you will know the cost upfront without any hidden charges. You will not have to worry about annual fees or maintenance fees for your trust.
Our attorneys explain every step of the process in plain language, so you always know what is happening with your case. Our aim is for you to feel comfortable asking questions and to have a complete understanding of your plan. We also offer free seminars with the goal of equipping and guiding our community through the benefits of proactive planning.
We recognize that planning for the future can be a deeply personal and emotional process. Our approach is designed to make you feel comfortable and respected. We take the time to listen to your specific concerns and tailor our guidance to fit your family’s unique circumstances. We are dedicated to providing personalized attention and care throughout your legal journey. We don’t see you as a case file; we see you as a person with a story and a family to protect.
Our team understands that your trust should reflect your life’s changes. To reflect our dedication to our clients, also offer free phone calls for life.
When you are ready to explore your options for an irrevocable trust, the Davies Law Firm is here to help you. We can provide the professional counsel and dedicated support you need to protect your family’s assets and plan for the future. We welcome the opportunity to discuss your goals with you.
All of our clients have free phone calls for life
Fred Davies is a lawyer who cares about his clients. We worked with him on our trust and he was organized, supportive and helpful. He never hesitated to answer any questions that we …
My husband and I had some questions about the wording of distribution of assets from our trust after our deaths. Since we now reside in TN, we scheduled a phone call with Attorney Bill Davies. He clearly…
Kathy Randall
Called inquiring about whether or not to hire a lawyer. Mr. Davies patiently listened to what I was explaining and offered me some suggestions to try before heading down a legal …
When you’re ready to take the next step in securing your family’s future, an irrevocable trust can be the cornerstone of your plan. In New York, this powerful legal tool helps protect your assets and ensures your wishes are carried out exactly as you intend. You’ve worked hard for what you have, your plan should protect it.
At Davies Law Firm, our Onondaga County irrevocable trusts attorneys serve families in Syracuse and nearby communities, including DeWitt, Fayetteville, Manlius, Jamesville, Camillus, Liverpool, Cicero, Clay, Baldwinsville, North Syracuse, East Syracuse, and Skaneateles. We’ll help you create a nuanced trust tailored to your goals and your beneficiaries’ best interests. Your family’s future is important, and a smart, proactive approach to your estate plan can make all the difference.
Schedule a phone conference with our attorneys today at (315) 472-6511.
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