Trusts & Estate Planning

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Estate planning often involves trusts, which are legal agreements in which one party holds property for another. The entity setting up the trust is known as either the creator, trustor, settlor, or grantor while the trustee manages it for beneficiaries. There are many types of Trusts and each Trust serves a different purpose, depending on the individual’s need. 

When setting up a trust, it is important to seek the legal advice of a skilled attorney. An experienced Brooklyn trust planning lawyer may be able to explain the purpose of trusts in an estate plan and help a client choose the best one for their specific needs.

If you are looking to create a Trust for your assets, contact New York Legacy Lawyers. Brooklyn estate planning lawyer Yana Feldman and our team of estate planning attorneys have years of experience dealing with estate planning laws in New York. We may be able to help you safeguard your loved ones’ futures.

Call us today at (718) 713 8080 to schedule a consultation.

The Importance of Trusts in Estate Planning

Trust is often misunderstood by some individuals who believe that it is only a means for wealthy individuals to provide financial support to their offspring. Trusts can be invaluable tools in the estate plans of many individuals.

Simply put,  trusts are an arrangement where one party holds the property on behalf of another party. In an estate planning context, trusts are created by the person doing the estate planning (the settlor), who authorizes another person (the trustee) to manage the assets for the benefit of a third party (the beneficiaries). There are many reasons for establishing trusts, including minimizing taxes or providing for the needs of underage beneficiaries.

Some types of trusts that may be useful in estate planning are:

Each of these different types of trusts can be customized to serve a valuable purpose in accomplishing the wishes of those making gifts or planning an estate. Creating a customized trust can benefit you as well as your loved ones. Our New York legacy lawyers team can help you assess your finances and goals to determine the best options for preserving your legacy.

Types of Trusts in New York

New York presents a range of trusts that one can establish for estate planning. These trusts provide several benefits such as shielding assets, bypassing probate, minimizing estate taxes, safeguarding vulnerable beneficiaries, and facilitating charitable contributions. 

Below are five common types of trusts in New York: 

  1. Irrevocable Trust: This type of trust is designed to protect assets and is particularly important for older adults. By establishing an irrevocable trust, individuals can potentially qualify for Medicaid benefits, including nursing home care, home care, and assisted living programs. Once the assets have been placed in the trust for a minimum of five years, they are safeguarded from Medicaid for nursing home care and do not have to be depleted on care costs. As a result, the assets can be preserved and inherited by designated beneficiaries.
  2. Special Needs Trust: Setting up a special needs trust or supplemental needs trust (SNT) can enable parents to provide ongoing care for a child with special needs without jeopardizing their eligibility for government entitlement programs like SSI and Medicaid. Trust assets may also cover expenses not covered by government benefits.
  3. Irrevocable Life Insurance Trust: An irrevocable life insurance trust (ILIT) may offer substantial estate tax savings to those whose assets are likely to exceed the federal or New York estate tax exemptions. By owning the life insurance policy, the trust enables the assets to bypass the estate and spouse’s estate and pass directly to designated beneficiaries.
  4. Revocable Trusts: A revocable trust empowers individuals to transfer assets to the trust while retaining full control over them. The trust can be amended, modified, or revoked during the individual’s lifetime, and assets pass to the named beneficiaries at death, avoiding probate and inheritance disputes.
  5. Charitable trusts: This type of trust offer various options, such as the charitable remainder trust (CRT), where assets are transferred, and the individual or beneficiary receives income for life or a fixed period. At death, the remaining assets pass to the charity
  6. A charitable lead trust (CLT) is another option where the charity receives interest from the gifted assets for a set time, after which the remaining assets go to family or other beneficiaries. 

Depending on individual circumstances and objectives, multiple trust types may be suitable for them. It is crucial to consult with an experienced attorney to navigate the selection and creation of an appropriate trust for your specific needs. 

At New York Legacy Lawyers, Brooklyn estate lawyer Yana Feldman and our team of estate litigation attorneys may be able to help you understand the different types of trusts and what would be the best one for you.

Contact New York Legacy Lawyers today at (718) 713 8080 to speak with our skilled Brooklyn attorneys for trust and estate planning.

Trusts Administration

Trust administration involves executing the provisions of a deceased person’s Trust, which can vary in difficulty depending on the Trust’s terms. At the heart of trust administration is the concept of fiduciary duty, which creates a legal obligation for the person responsible for administering the Trust to act with respect for the law and proper management.

A trustee’s responsibilities may include determining the total value of Trust assets, maintaining an inventory, and addressing tax issues. Given the complexity of administration, trustees should seek legal counsel

At New York Legacy Lawyers, NY estate planning attorney Yana Feldman and our team of Brooklyn trust planning attorneys has years of experience dealing with estate planning law in New York and helping families with trusts administration as well as other estate planning matters. We may be able to provide the legal assistance you need to secure the future of your loved ones. Contact us today to schedule a consultation with a top-rated Brooklyn attorney for trust planning.

Contesting New York Wills or Trusts

When it comes to honoring a Will or Trust in New York, issues rarely arise. However, if a family member believes that their loved one’s Will or Trust does not accurately reflect their intentions, legal action may be necessary to challenge it. Certain legal circumstances can invalidate a Will, such as if the person who signed the document was mentally unsound, coerced, or a victim of fraud.

If you suspect a loved one’s Will or Trust does not accurately reflect their intentions, it is critical to take legal action immediately to challenge it. As a resident of Brooklyn, your rights under the law protect you from Wills or Trusts created under suspicious circumstances.

It is important to reach out to a reliable Brooklyn trust lawyer who specializes in estate law and litigation. At New York Legacy Lawyers, our attorneys in Brooklyn are here to guide you through the process. Contact us today to arrange an initial consultation and begin safeguarding your loved one’s legacy.

Brooklyn Estate Planning Attorney Discusses How to Avoid Probate Proceedings

A significant advantage of a trust is its exemption from probate, enabling beneficiaries to access trust assets more expeditiously compared to asset transfers through a will. Moreover, avoiding probate is likely to diminish administrative fees, increasing the number of assets available to beneficiaries.

Probate, the legal process validating a will and authorizing asset distribution, involves several stages. Upon your passing, the executor informs the Surrogate’s Court and files your will. The court initially scrutinizes the will’s validity in compliance with New York law, verifying that it was executed properly, including witnessing by at least two individuals. If the court identifies any flaws, it may void the will.

If the will is deemed valid, the executor proceeds with administering your estate, starting with the inventory and valuation of your assets. This step is vital since the executor must ensure adequate funds to pay creditors and distribute to beneficiaries. Debts incurred during estate administration, taxes, and liabilities owed to other creditors who file a claim against the estate are among the estate’s debts. Once the creditors’ claims are settled, the executor can distribute the remaining assets to beneficiaries according to your will’s terms.

Probate procedures can take weeks, months, or even years. Delays may arise from several factors, including disputes with creditors and probate litigation initiated by family members or beneficiaries. In contrast, with a trust, the assets held within it bypass the probate process, allowing beneficiaries to receive distributions relatively quickly after your passing.

If you’re considering estate planning and want to learn more about the advantages of trusts, consult a trusted Brooklyn estate planning attorney. At New York Legacy Lawyers, Brooklyn attorney for estate planning Yana Feldman and our team of experienced trust attorneys may be able to guide you through the process and help you determine the best course of action for your unique circumstances.

Call us today at (718) 713-8080 to schedule a consultation.

Ask Our Experienced Team of Brooklyn Trust Planning Lawyers Today!

Every family needs to understand the importance of estate planning. By engaging in estate planning, they can take preventive measures that offer them the reassurance they need. With the right legal assistance, many individuals can confidently take a step forward toward securing their loved ones’ futures.

Whether you need simple legal guidance or complex legal representation for intricate estate matters in Brooklyn, the team of trust lawyers at New York Legacy Lawyers, along with attorney Yana Feldman, may be able to provide the legal support you need every step of the way.

To schedule a consultation with a skilled Brooklyn attorney for estate planning, contact our law firm in Brooklyn today.

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