Trusts Attorney in Manhattan

Trusts are one of the best tools you have to protect your assets and plan for your family’s future. Trusts can be customized to keep your assets out of probate. 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.

At Chaves Perlowitz Luftig LLP, our Manhattan trust attorneys can create a comprehensive estate plan that works for you and your family. We will listen carefully to your goals and help you build a plan that protects your assets and your legacy. Our attorneys have decades of experience helping clients set up trusts as part of the in-depth strategic planning for their entire estate.

For a free consultation and to learn how we can help you with a trust in New York, call Chaves Perlowitz Luftig LLP today or contact us online.

What Is a Trust?

Think of a trust as a legal tool for protecting and allocating your assets. Trusts can have significant legal and tax benefits. They can direct your assets to a specific purpose or a specific person. The person who manages the trust is known as the trustee. The person or organization that benefits from the trust is known as a beneficiary. Depending upon the type of trust you set up and the goals you have, you may be the trustee or the beneficiary. Your role will depend on your plans and the type of trust you create.

Benefits of Creating a Trust as Part of Your Estate Plan

Benefits of trusts include:

  • Knowing how your assets will be distributed during your lifetime and after you pass
  • Keeping your assets private and out of a lengthy probate process
  • Allowing you to keep control of your assets while obtaining important protections
  • Providing key tax benefits and helping reduce your estate for tax purposes
  • Maintaining control over important decisions about your assets
  • Structuring your assets for charitable activities

If you have questions about the best strategy for your estate plan, contact an NYC trust lawyer today at Chaves Perlowitz Luftig LLP.

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FAQs About Trusts

Trusts

What should I consider when choosing a trustee?

When you are choosing a trustee, make sure that you select someone who is reliable and trustworthy. The person will have significant decision-making powers and should be someone who can be counted on to follow instructions in the trust.

When should I make changes in a trust?

Generally, you should update trusts and any other part of an estate plan on a regular interval or when you experience a major life event, such as the birth of a child or the acquisition of real estate. Changes in your life and changes in the law can have consequences for your trusts and estate plan, so it is crucial to keep the trust up to date.

What is the difference between a revocable and irrevocable trust?

As the names suggest, the main difference is that you can revoke a revocable trust but not an irrevocable one. Whether a trust is revocable or irrevocable will depend upon the type of trust and your purpose in setting it up. If you have questions about which type might work best for you, speak with a trust lawyer in Manhattan today at Chaves Perlowitz Luftig LLP.

Common Types of Trusts

There are many types of trusts that can help protect and distribute your assets.

  • Living trust. Under New York trust law, a living trust is a type of revocable trust that you can set up during your lifetime and in which you can be the trustee. A living trust can be a flexible and powerful way to make important decisions about your assets while keeping them out of any probate in the future.
  • Medicaid asset protection trust. This type of trust can protect your assets from any Medicaid costs. If you set up this type of trust in advance of your Medicaid needs, your assets are protected from Medicaid reimbursement actions.
  • Marital trust. Under this type of irrevocable trust, when one spouse passes away, the marital property and assets move into the trust. The surviving spouse can still benefit from those assets even though they are in a trust. When the surviving spouse passes away, the trust is transferred to any named beneficiaries.
  • AB trust. An AB trust is a tool that some married couples use to reduce their estate taxes. To learn whether an AB trust can be a part of your estate planning, contact a Manhattan trust attorney today at Chaves Perlowitz Luftig LLP.
  • Charitable trust. If you have plans to use your assets for charity, a charitable trust can potentially lower your tax liability by reducing the size of your estate.
  • Special needs trust. If you want to set aside assets for someone with mental or physical challenges, a special needs trust can be a valuable tool. A special needs trust can ensure the person receives assets and still qualifies for important healthcare and government benefits.
  • Spendthrift trust. When you want to leave assets to someone but have concerns about their debts or their ability to manage money, a spendthrift trust can help. A spendthrift trust allows you to put protections and limits on the assets in the trust so that the beneficiary cannot access the principal.
  • Tax bypass trust. Like some marital trusts and AB trusts, this type of trust is a tool for reducing a marital couple’s estate tax. A tax bypass trust allows the surviving spouse to benefit from key assets while granting tax benefits to his or her beneficiaries.
  • Qualified terminable interest property trust (QTIP). QTIPs are often used to control your property after your passing. QTIPs can help your spouse maintain benefits while deferring certain taxes. Under a QTIP, your spouse can enjoy the benefits of assets even without ownership of them.
  • Qualified personal resident trust (QPRT). QPRTs are specialized trusts that homeowners use to retain their home while reducing its value for tax purposes.
  • Generation-skipping trust. These trusts can be a critical part of an estate plan because they can help you pass wealth to grandchildren and other younger beneficiaries while minimizing estate taxes.
  • Testamentary trust. This type of trust is created as part of a will. It arises upon the death of the testator. It is often used to distribute assets where the testator has a young child and places restrictions on the assets that pass to the child.
  • Irrevocable life insurance trust. Irrevocable life insurance trusts are used to keep any benefits from a life insurance policy out of an estate. This type of trust can be a valuable tool for minimizing taxes.

How Our Manhattan Trust Attorney Can Help You

Trusts are a key estate planning tool when they are properly set up and administered according to your goals and wishes. A Manhattan trust lawyer at Chaves Perlowitz Luftig LLP can handle everything you need for an effective trust, from establishing and funding trusts to handling any disputes that arise. No matter what your trust and planning needs are, our attorneys are ready to help.

The key ways that a lawyer from Chaves Perlowitz Luftig LLP can help include:

  • Reviewing your assets and recommending trusts to help meet your goals
  • Answering your questions and developing a trust plan that works for you
  • Drafting the trust or estate planning documents you need to ensure you are all set under the law
  • Examining ways to reduce taxes for you and your beneficiaries
  • Handling any disputes that arise around your trusts or plans

If you are wondering how a trust could help you accomplish your goals, contact Chaves Perlowitz Luftig LLP today. Our dedicated NYC trust lawyers have decades of experience helping clients plan for their next move and beyond. Whether you need a simple trust to protect key assets or specialized trusts as part of your larger estate plan, our attorneys can help you craft the smart solutions you need.

For a free consultation, call us today or contact us online.

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