Trust Planning

There are thousands of different trusts and a trust for almost every type of need. Oftentimes, four or five types of trusts get combined together in one. For example, a Life Insurance Trust is almost always set up as an “irrevocable trust”, a “Crummey Trust”, a “spousal lifetime access trust”, an “asset protection trust”, a […]

Third Party Special Needs Trusts

Normally, in order for a person to qualify for Medicaid or Supplemental Security Income (SSI), the person must have very few assets and very little income. If you have a loved one who is receiving Medicaid or SSI, you should not give them money directly as it will cause them to lose their benefits. When […]

Special Needs Trusts

There are generally three types of Special Needs Trusts: self-settled special needs trusts, third party special needs trusts, and pooled trusts. All special needs trusts are designed to provide supplemental money to a person who is receiving government benefits in a way that will not cause the special needs person to lose their benefits. A self-settled special […]

First Party Special Needs Trusts

If you are a disabled person, you may qualify for government benefits, such as Medicaid or Supplemental Security Income (SSI).  However, the government will not provide Medicaid or SSI unless you meet certain asset qualifications.  Generally, you must have very few assets in your name. If your assets are over the qualification threshold, you can either spend […]

Life Insurance Trusts

In general, Irrevocable Life Insurance Trusts (“ILITs”) are trusts that are designed to distribute life insurance money to a person’s heirs upon the insured person’s death.  An ILIT different from other trusts.  ILITs are very difficult to modify and they prevent the insured from having any control over the insurance policy.  The insured cannot be a […]

IRA Stretch Trust

Most people have a retirement account such as an IRA, 401(k), ROTH IRA, SEP, 403(b), 457, or another similar plan. If you own a retirement account, you are entitled to name a beneficiary who will receive the account upon your death. You can name an individual, a charity, a traditional trust, an IRA Stretch Trust, or […]

Asset Protection Trusts

Asset Protection Planning is a broad term used to describe the many methods by which an individual or family can preserve their wealth from claims by creditors. The creation of an asset protection trust is just one of many ways to protect your assets from creditors. It can also be one of the more expensive options […]

Estate Planning

The Pollock Firm LLC utilizes a collaborative approach to the Estate Planning practice. Whether an estate is large and complex or more modest, we carefully listen to our clients and work with them to develop long-term personal and family goals. Our experience and creativity enable us to provide practical and sensible solutions to the tax […]