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
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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
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!