A Practice of Jacobs Counsel LLCServing NY · NJ · OH — Vol. 2026
Legacy Counsel
Trusts & Legacy PlanningLicensed NY · NJ · OH

Trust Attorney for Families, Founders, and High-Net-Worth Clients.

Legacy Counsel designs, drafts, and funds trusts for clients across New York, New Jersey, and Ohio. From foundational revocable living trusts to sophisticated irrevocable structures — ILITs, SLATs, GRATs, and dynasty trusts — every plan is built around what you own, who you protect, and where you live.

Drew Jacobs — Admitted in NY, NJ, OH

01 / TRUST STRUCTURES

The trusts we design for our clients.

Every trust serves a different purpose. Some solve probate and privacy. Others solve estate tax, creditor protection, or multi-generational wealth transfer. We match the structure to your situation — not the other way around.

01 / REVOCABLE LIVING TRUSTS

Revocable Living Trusts

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What it is

A revocable living trust is a legal entity you create during your lifetime to hold title to your assets. You can amend or revoke it at any time while you are competent. At incapacity, your successor trustee manages assets without court intervention. At death, assets pass to beneficiaries privately, outside probate.

Who it is for

Families with minor children, homeowners in multiple states, business owners, and anyone who values privacy or wants to avoid court-managed incapacity proceedings.

What problem it solves

Probate is public, slow, and expensive in many states. A will-based plan still requires court approval. A funded revocable trust eliminates probate for trust-owned assets and provides a seamless transition if you become unable to manage your own affairs.

When to consider it

You own real estate, have minor children, have assets in multiple states, or want to keep your estate private. Also essential if you want a coordinated incapacity plan without guardianship.

02 / IRREVOCABLE TRUSTS

Irrevocable Trusts

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What it is

An irrevocable trust is a trust you cannot unilaterally amend or revoke. By transferring assets into it, you generally remove them from your taxable estate and — when properly structured and funded well before any specific claim — can reduce exposure to future creditors, subject to fraudulent-transfer rules and other applicable law. You give up direct control, but the trust can be structured with significant practical flexibility.

Who it is for

High-net-worth individuals facing federal estate tax exposure, professionals with prospective liability concerns, and families who want to lock in today’s elevated gift and GST exemption levels.

What problem it solves

Assets that remain in your name at death are subject to estate tax, creditor claims, and public probate. Irrevocable trusts solve this by legally separating the assets from you — while still directing how they are managed and distributed.

When to consider it

Your estate exceeds or is approaching the federal estate tax basic exclusion amount (approximately $15M per individual in 2026 under current federal law, subject to change); you have significant appreciating assets you want to move outside your estate; or you face professional or business liability and want to evaluate asset protection planning.

03 / IRREVOCABLE LIFE INSURANCE TRUSTS (ILITS)

Irrevocable Life Insurance Trusts (ILITs)

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What it is

An ILIT is an irrevocable trust that owns a life insurance policy on your life. Because the trust — not you — owns the policy, the death benefit is not included in your taxable estate. The trust also governs how and when beneficiaries receive proceeds.

Who it is for

Individuals whose taxable estate, including life insurance, exceeds the federal exemption. Also useful for families who want to replace wealth lost to estate tax or provide liquidity for business succession or real estate holdings.

What problem it solves

A $5M life insurance policy can push a $10M estate over the federal exemption, triggering 40% estate tax on the excess. Worse, in New York, it can push an estate over the cliff and cost hundreds of thousands in state tax. An ILIT removes the policy from the estate entirely.

When to consider it

You have or are considering a permanent or term life insurance policy with a death benefit that, combined with your other assets, creates estate tax exposure. Best implemented before the policy is issued, or with careful planning for existing policies.

04 / SPOUSAL LIFETIME ACCESS TRUSTS (SLATS)

Spousal Lifetime Access Trusts (SLATs)

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What it is

A SLAT is an irrevocable trust you fund for your spouse and descendants. Your spouse is a beneficiary during life, giving your family indirect access to the trust assets. The assets — and all future appreciation — sit outside both your estate and your spouse’s estate.

Who it is for

Married couples who want to use their lifetime gift and GST exemption without losing practical access to the assets. Particularly effective when one spouse has significantly more wealth or when the couple wants to lock in current exemption levels.

What problem it solves

Future legislation could change the lifetime exemption. A direct gift to children feels irreversible. A SLAT lets you use exemption now while preserving family access through your spouse.

When to consider it

You are married, have available lifetime exemption to use, and want to move appreciating assets outside the estate without giving up all family access. Timing and drafting matter — reciprocal trust doctrine issues must be navigated carefully.

05 / GRANTOR RETAINED ANNUITY TRUSTS (GRATS)

Grantor Retained Annuity Trusts (GRATs)

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What it is

A GRAT is an irrevocable trust into which you transfer an appreciating asset and retain the right to receive fixed annuity payments over a term of years. If the asset outperforms the IRS-assumed growth rate, the excess passes to your beneficiaries gift-tax-free.

Who it is for

Founders, executives, and investors holding concentrated stock positions, pre-IPO equity, or rapidly appreciating assets that are expected to outpace the IRS §7520 rate.

What problem it solves

Appreciating assets inside your estate compound your estate tax exposure. A GRAT freezes the value of the asset for estate tax purposes and transfers the outperformance to the next generation without consuming lifetime gift exemption.

When to consider it

You hold assets with high growth potential relative to the current §7520 rate. Rolling two-year GRATs are the standard structure for volatile equity positions. You must outlive the term, or the strategy unwinds.

06 / DYNASTY TRUSTS

Dynasty Trusts

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What it is

A dynasty trust is designed to last for multiple generations — potentially forever in jurisdictions that have abolished the rule against perpetuities. Assets in a dynasty trust grow, compound, and transfer across generations without repeated estate tax.

Who it is for

Families with significant wealth who want to preserve assets for grandchildren, great-grandchildren, and beyond. Often paired with GST exemption allocation to create a tax-efficient generational wealth vehicle.

What problem it solves

Without multi-generational planning, each generation pays estate tax as wealth passes down. Over three generations, a 40% estate tax at each transfer can reduce a $50M estate to under $10M. Dynasty trusts break this cycle.

When to consider it

You have wealth you do not need for your own lifetime, want to benefit multiple generations, and are willing to allocate GST exemption. The trust is typically sited in a jurisdiction with no rule against perpetuities, such as Delaware, Nevada, or South Dakota.

07 / TRUSTS FOR MINOR CHILDREN

Trusts for Minor Children

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What it is

A trust for minor children holds and manages assets on behalf of children who are not yet old enough or mature enough to inherit directly. The trustee controls distributions for health, education, maintenance, and support, and releases assets in stages as the child ages.

Who it is for

Parents and grandparents who want to ensure children are provided for financially without handing a lump sum to an 18-year-old.

What problem it solves

Minors cannot legally inherit property outright. Without a trust, a court appoints a guardian to manage the assets — a process that is expensive, public, and may not reflect your wishes. Even at 18, most young adults are not equipped to manage a significant inheritance.

When to consider it

You have children under 25, are naming contingent beneficiaries on retirement accounts or insurance, or want to structure gifts to grandchildren. This is foundational for every parent’s estate plan.

08 / SPECIAL NEEDS PLANNING COORDINATION

Special Needs Planning Coordination

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What it is

A special needs trust — also called a supplemental needs trust — holds assets for a beneficiary with disabilities without disqualifying them from means-tested government benefits such as Medicaid and SSI.

Who it is for

Families with a child or adult dependent who receives or may need Medicaid, SSI, or other needs-based public benefits.

What problem it solves

An outright inheritance can disqualify a person with disabilities from essential benefits. A properly drafted special needs trust supplements — rather than replaces — government support, preserving eligibility while improving quality of life.

When to consider it

You have a family member with a disability who receives or is likely to need public assistance. The trust must be carefully coordinated with the rest of your estate plan and beneficiary designations.

09 / TRUST FUNDING & BENEFICIARY COORDINATION

Trust Funding & Beneficiary Coordination

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What it is

Trust funding is the process of retitling assets into the trust and coordinating beneficiary designations so that the trust actually controls what it is supposed to control. Without funding, a trust is an empty shell.

Who it is for

Anyone who has created or is creating a trust — revocable or irrevocable. Funding is where most do-it-yourself and even some attorney-drafted plans fail.

What problem it solves

We see beautifully drafted trusts that hold nothing because no one ever deeded the house or retitled the brokerage account. At death, those assets still go through probate, and the trust does nothing. Beneficiary designations that conflict with the trust can create litigation.

When to consider it

At the completion of every trust-based plan, and whenever you acquire new assets, open new accounts, or change financial institutions. We include funding guidance in every engagement.

IMPORTANT

Trust strategy is state-specific and tax-sensitive.

Trust law varies materially by state. A revocable trust drafted for Ohio may not be optimal in New York. An irrevocable trust sited in New Jersey may have different income tax consequences than one sited in Delaware or South Dakota. State estate tax, inheritance tax, and asset protection rules all influence the structure we recommend.

Nothing on this page is legal advice for your specific situation. The summaries above are educational overviews. The right trust — or combination of trusts — depends on a detailed review of your assets, family structure, state of residence, and tax exposure. We provide that review during a strategy call.

Drew Jacobs is licensed in New York, New Jersey, and Ohio. We represent clients whose residence, primary assets, or business interests are situated in those states.

02 / THE PROCESS

How we design your trust plan.

Every trust engagement follows the same disciplined process: understand, design, document, fund. We do not sell trust templates. We build trust structures that match your assets, your family, and your state.

01

Confidential Intake

Share your situation through our secure online intake. We review assets, family structure, and goals before we speak.

02

Strategy Call

A working session with Drew to map trust options — revocable, irrevocable, or a layered combination — under the law of your state.

03

Fixed-Fee Proposal

A written scope and flat fee covering drafting, revisions, signing, and funding guidance. You decide before we begin.

04

Design, Sign & Fund

We draft, refine, execute with the formalities required by your state, and walk you through retitling assets into your trusts.

03 / PRICING

Fixed-fee trust planning.

We price trust engagements on a fixed-fee basis. After a strategy call, you receive a written proposal with a flat fee and a defined deliverables list. No hourly billing surprises. No open-ended retainers for document work.

A foundational revocable trust plan — including a pour-over will, revocable living trust, durable power of attorney, advance directive, and HIPAA authorization — is quoted as a single package. Irrevocable trusts (ILITs, SLATs, GRATs, dynasty trusts) are quoted individually based on complexity and coordination with the rest of your plan.

View our pricing approach →

04 / FAQ

Common questions about trusts.

Which trust is right for me?+

It depends on your goals. If you want probate avoidance and incapacity planning, a revocable living trust is usually the starting point. If you have estate tax exposure, we layer irrevocable structures — ILITs, SLATs, or GRATs — on top. During a strategy call, we map your assets, family structure, and state of residence to the right combination.

Does a revocable trust reduce estate taxes?+

No. Because you retain full control over a revocable trust, the assets remain in your taxable estate. Estate tax reduction requires irrevocable trusts such as ILITs, SLATs, or GRATs, which remove assets from your estate.

Can I change an irrevocable trust?+

Generally, no — that is what makes it work for tax and asset-protection purposes. However, modern drafting includes tools such as trust protectors, decanting provisions, and distribution committees that allow for limited flexibility without compromising the legal result.

Do I still need a will if I have a trust?+

Yes. A pour-over will catches any assets not titled in the trust at death and directs them into the trust. It also names guardians for minor children, which a trust cannot do.

What happens if I do not fund my trust?+

An unfunded trust controls nothing. Assets left outside the trust at death will pass according to your will — which means probate — or by default state law if you have no will. Funding is the step that makes the trust operational.

How much does trust-based estate planning cost?+

Every Legacy Counsel engagement is priced on a fixed-fee basis. After a strategy call, we provide a written proposal covering documents, revisions, signing, and funding guidance. You know the full cost before any work begins.

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Talk to Legacy Counsel about your trust plan.

Fixed-fee trust planning for clients in New York, New Jersey, and Ohio.

Drew Jacobs is licensed in New York, New Jersey, and Ohio. Nothing on this page constitutes legal advice or an offer to represent you in a jurisdiction in which we are not licensed. Trust and tax law is highly state-specific — the right structure for a New York client may differ materially from the right structure for an Ohio or New Jersey client.

Prospective Client Disclaimer. Submitting this form does not create an attorney-client relationship. Do not send confidential or time-sensitive information until we have signed an engagement letter. We will review your submission and follow up to discuss whether we can represent you. By submitting, you consent to be contacted about your inquiry.