East Islip Trusts Attorney
When establishing a trust, it’s important to work with our skilled East Islip trusts attorney at Donato Law who can help with any stage of the process, from preliminary discussions to the execution of trust documents. We can create a comprehensive estate plan that works for you and your family.
A well-prepared trust can have significant financial advantages, protect clients from unnecessary taxes, and help transfer assets more efficiently and effectively. You can save your family, friends, and business partners time and money by making a clear statement of how your estate is to be divided. Contact our law office now and schedule an initial consultation with our qualified New York estate planning lawyer to learn more about trusts.
Why Do I Need a Trusts Attorney in New York?
A comprehensive estate plan may include more than a last will and testament. It may include a variety of tools, including trust. Trusts are one of the best estate planning tools you can utilize to protect your assets and plan for your family’s future. While you may not be familiar with the function of a trust, it provides benefits that can help you meet your estate planning goals.
Our credible East Islip trusts attorneys at Donato Law can help you:
- Make important plans while reducing the stress of thinking about incapacity, end-of-life issues, or death
- Plan for your future by assisting you with the process of planning your estates and all of the complexities that comes along with it to ensure that your wishes are carried out
- Draft wills, create trusts, and prepare other essential estate planning documents that can protect your assets and your loved ones
- Deal with legal issues associated with family Law, divorce, real estate, and estate planning
Our estate planning law firm has decades of experience helping clients set up trusts as part of the in-depth strategic planning for their entire estate. Contact us now and schedule an initial consultation with our qualified East Islip estate planning attorneys to explore your legal options.
What is a Trust?
A trust is a fiduciary arrangement that allows a trustee to hold, manage, and distribute the assets placed in the trust on behalf of a beneficiary. An effective trust allows you to tell your loved ones of your final wishes and avoid the types of family disputes that can turn into court battles.
The rules of trust depend on the terms on which it was built. The trustee cannot do whatever they want with the assets of the trust and they must follow the terms of the trust document. This agreement also states how the trustee should distribute the income from trust assets while the grantor is alive, and how the assets or income should be distributed to the beneficiaries after the grantor’s death. A knowledgeable trust lawyer in East Islip NY can help you understand how a trust works and how it can be managed.
What are the Different Types of Trusts?
Trusts come in many different forms and serve a broad range of goals. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. The type of trust that you choose to set up depends on your goals. Our top-ranking East Islip NY trusts lawyer can choose the type of trust that is right for you. Here are some of the common types of trusts you can use for different estate planning purposes:
Revocable Living Trust
A revocable living trust (also called an inter vivos trust) is created during the lifetime of the grantor. In this type of trust, you can modify the assets and beneficiaries as long as you’re alive and physically and mentally able to do so. A revocable living trust does not go through the probate process upon your death, which can mean a faster distribution of assets to beneficiaries with no additional costs.
Irrevocable trusts cannot be amended, modified, or terminated without the permission of the grantor’s beneficiary or by the order of a court. Once assets and property are transferred into an irrevocable trust, the grantor cannot take them out of the trust. Some people choose to create irrevocable trusts to reduce taxes and protect assets, including creditors or other claims after the grantor’s death.
A testamentary trust is a type of trust that is set up by the grantor’s last will and testament. It transfers property into the trust only after the death of the grantor. Generally, testamentary trusts are created for minor children or relatives with disabilities who may inherit a large sum of money that enters the estate upon the testator’s death.
Special Needs Trust
A special needs trust allows the trustee to decide how the assets of the trust can be used for a beneficiary. These trusts are often used for dependents with special needs, such as a child, parent, or sibling who is disabled or otherwise unable to provide for their own financial needs.
A charitable trust is an irrevocable trust that is set up to simultaneously benefit you, your beneficiaries, and a qualified charity under IRS rules. When you establish a charitable trust, you appoint an organization to be the trustee.
AB Trust or Marital Bypass Trust
The AB trust is intended for married couples and it allows them to maximize their federal estate tax exemption. In the event of one spouse’s death, their property goes into an irrevocable trust (trust A) and the surviving spouse’s share goes into trust B.
What are the Advantages of a Trust?
Trusts can help ensure that your assets are properly managed and held for the future use of your family members. When you make a trust, you have the flexibility to design a way of distributing your property that suits your specific situation. A trust is set up to achieve certain benefits that cannot be achieved with a will. If you are considering setting up a trust, consult our competent East Islip trust lawyer to know more about what a trust can do for you. These can include:
- Avoid probate
- Protect your assets from creditors of both you and your beneficiaries
- Minimizes the value of the taxable estate
- Maintain financial privacy
- Allows a trustee to manage assets if the grantor becomes incapacitated
- Allow you to qualify for certain benefits, such as Medicaid for long-term care
- Exercise greater control over your assets than might be achieved with an ordinary will
- Provide financial support for a person with a disability, while allowing the person to receive government disability benefits
Call Our Experienced East Islip Trusts Attorney Now!
Many people think setting up a trust or creating an estate plan is a process that only takes place late in life, but the truth is that it is never too early to start. With the help of our seasoned East Islip trusts lawyer at Donato Law, you can make well-informed decisions about your family and finances and put your plans into effect quickly and efficiently.
Our estate planning law firm works with individuals and families from all walks of life and customizes estate plans to each client’s unique needs. We will take the time to learn about your life and your family and establish a trust that achieves your objectives. We will listen carefully to your goals and help you protect your assets and your legacy.
Whether you have legal concerns in family law, real estate, or estate planning in East Islip, Suffolk County, and more areas in New York, we are here to help. Schedule a free initial consultation with our experienced estate planning lawyers today.