Estate planning is known to be a very complex process. Usually, creating a will is the first step in the start of an estate plan. There are many personal documents that must be included in an estate plan to ensure that it is a strong one and will serve an individual and their family for years to come. One of these important documents is a trust. Trusts allow an individual to protect their assets from legal trouble while also conserving their assets for their beneficiaries. If you have questions or concerns about this process and or how trusts can affect bankruptcy, it is in your best interest to reach out to one of our skilled New York estate planning attorneys. Our firm is dedicated to ensuring that you and your family are making the best choice for your future.
What is the difference between revocable and irrevocable trusts in New York?
In the state of New York, there are two types of trusts: revocable and irrevocable. Revocable trusts allow the individual to maintain their authority of the assets that they placed in the trust until they pass away. After they pass, their assets will then transfer to the beneficiaries they have listed in the trust. On the other hand, an irrevocable trust transfers the ownership of assets to the beneficiaries immediately. In certain cases, a spendthrift provision can be added to the irrevocable trust to guard it against credit seizure, in the event that the beneficiary has to file for bankruptcy.
If you have questions concerning revocable or irrevocable trusts, do not hesitate to reach out to one of our legal experts. Our firm is dedicated to ensuring that you and your family’s future interests are best protected. Contact us today to begin this process.
What are the benefits of creating trusts in New York?
Some of the benefits of creating an irrevocable trust in New York include:
- Asset protection
- Charitable estate planning
- Estate tax reduction
Additionally, there are many advantages of creating a revocable trust. Some of them include the following:
- They allow you to plan for potential mental incapacitation
- They help your family avoid the probate process
- They can help you protect your privacy
If you are unsure about which trust will work best for the needs of you and your loved ones, do not hesitate to reach out to us today. Our firm is committed to helping you navigate through this process.
Contact our Firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.