The most important aspect of estate planning is that it grants your wishes about passing assets on to loved ones. A well-designed estate plan can protect assets, ensure business succession, and help families avoid estate or death taxes. Estate planning tools can also prevent your family from losing their inheritance. These tools can be used to provide for special-needs loved ones or for elderly relatives who are eligible for government benefits.
Trusts and wills are two of the most popular estate planning tools. A Will is a basic document that outlines a person’s wishes about assets and who should be the beneficiaries. They are generally beneficial for small estates.
Trusts can be a better choice for complex estates that have more assets. After an owner transfers the assets to a Trust, The trust will protect the assets against creditors and taxes. A trust is one of the best ways to control and preserve your assets.
Long Island trust lawyer Seth Schlessel has been helping families preserve their wealth using trusts for many years. As a trusted Long Island trust law firm, Schlessel Law PLLC has a reputation for dedication to ensuring that our clients are satisfied with the trusts they create.
Trusts are an important part of a comprehensive estate plan. A qualified Long Island trust lawyer can help clients with estate planning and managing their estates. Trusts, Wills, and other planning documents can be very useful if they are well-designed. Trusts are a way to ensure your assets are managed properly and kept safe for your loved ones.
A trust can be a legal solution to help avoid probate and excessive capital gains taxes. It is important to speak with an experienced Suffolk County or Nassau County estate attorney before you begin to plan your trust. Seth Schlessel of Schlessel Law PLLC knows the value of a complete estate plan to help protect your family’s financial future.
To schedule a consultation with a Long Island trust lawyer, call us at (516) 574-9630.
A Trust is an important estate planning tool that allows a person to set up their assets. A Trustee is the party designated to manage the estate in accordance with the instructions from the owner. The party who created the trust is referred to as the grantor or creator. In some cases, the trustee and the grantor may be the same person.
A Trust can serve many purposes. However, one of the most common uses of a trust is to help an individual ensure that they are able to decide how their assets should be managed after their death. Trusts can also be used to help manage the tax implications of an estate, and to protect the grantor’s wealth. In addition, having a trust may also help the grantor qualify for Medicaid in later years should they need it.
When someone wants to set up financial support for their children, or for long-term planning or care of dependents with disabilities, trusts can be useful.
Other benefits of having a trust are:
Schlessel Law PLLC is here to help you create the right type of trust that will protect your family, assets, and legacy. Seth Shlessel is a Long Island estate planning lawyer who is compassionate and knowledgeable, and he will work with you to safeguard your assets and family. To schedule a free consultation, call us today.
Depending on one’s estate planning needs, many types of trusts are available. Trusts can be used to protect assets, avoid probate, reduce estate taxes, provide protection for vulnerable beneficiaries and even set aside funds for charities.
The following are the most common types of trust in New York State, and on Long Island:
An irrevocable trust is the foundation of asset protection. A grantor would not want to spend all their assets on long-term or nursing home care. Placing assets in an irrevocable trust can help the creator qualify for Medicaid benefits. This includes nursing home care and home care. In certain cases, it may even be possible to become qualified for assisted living programs.
Also known as Supplemental Needs Trust. This type of trust is intended to continue the care of a child who has special needs. It does not affect government benefits such as SSI or Medicaid. A creator may be able to establish a special needs trust in their Will or as a living trust.
In a supplemental needs trust, assets can often be used to pay for services or items not covered under governmental benefits. This can sometimes include vacations or home modifications.
An Irrevocable Life Insurance Trust, (ILIT) can help a grantor save thousands or even hundreds of thousands in estate taxes if the estate exceeds New York or federal estate tax exemptions. An Irrevocable Life Insurance Trust is responsible for the insurance policy of the creator. As the creator, you can choose the trustee, and then designate beneficiaries. You can control the trust by defining the instructions that the trustee should follow. This trust’s assets will go straight to your children or other beneficiaries, bypassing your estate and spouse’s estate. Bypassing both estates can help you avoid estate taxes and save a higher percentage of the insurance proceeds
Revocable trusts allow you to move your assets into a trust, while also maintaining full control of the said assets. You can amend, modify, and revoke this trust at any time during your lifetime. The trust assets will be passed on to the beneficiaries named in the Will in the event the creator passes away.
Revocable trusts are used to avoid probate. Probate is the legal process that “proves” your last will and testament. The process of proving a last will and testament can take months after the creator passes away. Revocable Trusts are very helpful in cases where beneficiaries may challenge a Will or other inheritance disputes. However, revocable Trusts do not offer asset protection. If you want asset protection, an irrevocable trust may be the better option for you.
There are a few different types of Charitable trusts but the CRT (Charitable Remainder Trust) is the most common. This type of trust is a life income gift that allows you to transfer assets immediately and receive a charitable deduction for a portion of the transfer. You or your beneficiary will then receive income tax-free for the remainder of your lives or for a set period. A CRT has the primary advantage of giving you a tax deduction on your present income to allow for charitable gifts that you receive during your lifetime.
The Long Island estate planning at Schlessel Law PLLC are familiar with the many types of trusts and can use their years of experience to guide your trust selection. During your consultation with Seth Schlessel, he will explain how trusts work, and discuss whether a trust is an appropriate estate planning vehicle for you.
If you need a trust lawyer in Nassau County or Suffolk County on Long Island, call us at (516) 574-9630 for a free consultation.
After a trust is created and named, funding the Trust is your next step. The act of funding a Trust is simply the transfer of assets to the Trust. This makes the Trust the new owner of your assets. It is important to note that your Trust should be a tool to protect and hold your assets. It is worthless unless you actually put the assets in it. Transferring assets to a fund involves renaming assets to become Trust-owned.
Each asset may have a different process, so make sure you check them all. To put a real estate property into your Trust you’ll need the deed for the property. If you have a mortgage, permission might be required from your lender. You should consult your bank for details on how to transfer bank accounts to your Trust.
Speaking to a skilled estate planning lawyer may also be helpful when it comes to transferring assets into a trust. Long Island trust law firm Schlessel Law PLLC may be able to help. Call us today to schedule a consultation with Seth Shlessel and our experienced trust lawyers.
Both Trusts and Wills may be part of a comprehensive estate plan. However, it is important to really understand each estate planning tool and how they might benefit you. These benefits can include avoiding probate after your death, leaving instructions about who can decide for you in case you become incapacitated, or creating a continuous source of income for your loved ones.
With a Will, property transfers must be approved by the courts (probate), which will determine the validity of the property distribution. This process can be costly. Having a trust in place can help you transfer your assets while you are still alive and distribute them after your death. A trust can help you avoid the need to wait and can also cut other expenses that you may have to pay without a trust.
Seth Schlessel and our team of experienced lawyers at Schlessel Law PLLC have the years of experience required to understand your unique situation and the trust vehicles that might be the most beneficial. With our guidance, you should be able to determine which type of trust is most suitable for your personal and financial goals. The right trust can be a great way to achieve your privacy, estate protection, and asset protection goals.
Estate planning can be a very personal and sometimes emotional process. The Long Island trust lawyers at Schlessel Law PLLC understand that each estate is unique and that your wishes need to be fulfilled accordingly. Long Island trust lawyer Seth Schlessel is personally involved in each trust creation, helping guide his clients in the estate planning process.
Call us at (516) 574-9630 today to schedule a consultation in Nassau County or Suffolk County on Long Island.