Trusts in Long Island

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Need information on trusts? The Law Offices of Steven M. Adler, PLLC has the knowledge and resources you can trust implicitly. A trust is an estate planning tool that allows you, the grantor, to create rules for real and personal property held by a person or company known as the trustee, for the benefit of yourself or another person or beneficiary. There are a variety of trusts, and the two main varieties are revocable trusts, which can be altered or terminated, and irrevocable trusts, which cannot be altered or terminated. Each trust has different advantages regarding tax and control. Trusts can also help property avoid the probate process.

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Specific Types of Trusts

There are a variety of trusts and you can make specific requirements for yours. You can specify that the trust funds can only be used for education or food, for example, or that is can only be disbursed once the child reaches the age of 18. Specific types of trusts include:

  • Charitable Trusts: created to support charity organizations
  • Dynasty Trusts: created to help families with significant assets pass wealth down through multiple generations
  • Life Insurance Trusts: irrevocable trusts which become the owner and beneficiary of your life insurance and which keeps your insurance proceeds out of your taxable estate
  • Living Trusts: revocable trusts created while you are alive to help you avoid probate and manage your assets should you become incapacitated
  • Special Needs Trusts: created to assist those with disabilities
  • Support Trusts: created to support the education and needs of beneficiaries with strict guidelines about how the trust funds are to be used

Interested in establishing a trust?

An important aspect of your estate plan may be the creation of trusts. Trusts assist those with significant assets to pass them on to loved ones, pets and charities of their choosing. From tax benefits to asset protection, trusts serve many purposes, and a Long Island estate planning lawyer from our firm can help you draft a trust that best meets your needs. We have over 25 years of client-centered experience, the skilled attorneys at the Law Offices of Steven M. Adler, PLLC are prepared to patiently and personally handle your case instead of passing you to a paralegal or legal secretary. Contact us today to discuss your situation and to find out how a trust can benefit your estate plan!