Thinking about what will happen to your estate after you die is not the most uplifting thing to contemplate. In fact, it can be quite stressful and overwhelming to consider. At The Law Offices of Frank Bruno, Jr., we understand. We specialize in estate planning, and our compassionate, experienced team works with you to address these questions. A top-rated trust and estate attorney in NYC from our firm will use effective, proven legal strategies to design an estate plan that best protects your assets and financial future.
Trusts are an effective legal tool that can be used as part of your overall estate plan to protect your assets, minimize your estate taxes, allocate your assets according to your wishes, and other benefits. A trust — which is a fiduciary agreement that allows a trustee to hold assets on behalf of beneficiaries — can be designed in several different ways.
Because trusts typically avoid probate, your assets are distributed to your beneficiaries in a more timely manner than they would be if they are transferred as part of your last will and testament. You avoid the court fees that are associated with probate and may reduce your estate tax.
Trusts offer numerous benefits which include the following and more:
Trusts are an effective financial tool that can be used as part of a comprehensive estate plan. To learn whether you should consider a trust as part of your plan, speak with a skilled trust and estate attorney in NYC.
There are living trusts and testamentary trusts. Revocable trusts and irrevocable trusts. Spendthrift trusts and special needs trusts. And there are additional types of trusts that may offer advantages depending upon your individual situation. At The Law Offices of Frank Bruno, Jr. we have in-depth knowledge of the different types of trusts, and an experienced New York City trust and estate attorney from our firm will understand which trust may be an asset in your overall estate plan.
A living trust is a trust that is created and implemented while the grantor is living. The grantor may serve as the trustee of the estate or the grantor can appoint someone else to serve in this role. There are several different types of living trusts, and all of them transfer assets to beneficiaries while reducing or eliminating estate taxes.
A revocable trust is a type of living trust that can be changed or revoked at any point in time while the grantor is living. The grantor of the trust serves as the trust’s trustee, with the power to transfer property in and out of the trust during the course of their lifetime. Once the grantor dies, the revocable trust then becomes an irrevocable trust.
Revocable living trusts are common financial tools that offer several advantages, including avoiding probate, which is a lengthy and costly process. Revocable trusts are distributed to beneficiaries immediately, and because the assets held in a trust are not part of the deceased’s estate, the value of the taxable estate is reduced. The grantor of a revocable living trust controls how and when any beneficiaries inherit the asset, and a trustee or successor trustee can manage the assets if the grantor should become incapacitated. Revocable living trusts do not offer asset protection from any creditors and should be evaluated with regard to the grantor’s ability to access Medicare or Social Security benefits for long-term care assistance in the future.
An irrevocable trust is a type of trust that cannot be changed or terminated without the beneficiary’s permission. In essence, once the grantor transfers all ownership of the assets into the trust, they legally do not have any rights of ownership to the trust and the assets. Irrevocable trusts offer asset protection, may minimize estate taxes, and offer access to government benefits.
With all of the different kinds of trusts that you can include in your estate plan, it can be difficult to know where to begin. Is a trust right for you? Will a trust offer you the asset protection you need? What type of trust is best for your estate plan?
At The Law Offices of Frank Bruno, Jr. a knowledgeable trust and estate attorney in NYC will utilize proven financial tools to design an estate plan that satisfies your long-term financial goals. To learn more about the estate planning services we provide, schedule a free, no-obligation consultation with a member of our team.
Unlike a living trust, which is created and implemented while the grantor is still living, a testamentary trust is a trust that is created after the grantor dies. Testamentary trusts are funded according to the terms specified in the grantor’s last will and testament.
