Long Island Trust Lawyers
30+ Years of Experience in Trust & Estate Matters
It is very fitting that a trust, one of the most important legal documents you will ever require, is given that name. As the grantor of the trust, you must designate certain rules and directions for what you desire to happen to your personal property and assets should any tragic accident, injury, or illness occur to you that results in incapacitation or fatality. You then hand these plans over to either a person or group known as the trustee, and entrust them to carry out your wishes.
Due to trusts’ complexities, you will definitely require the assistance of our Long Island trust attorneys. Rely on the Law Offices of Steven M. Adler, PLLC to accurately handle your future.
Call us today at (516) 740-1184 to find out how our dedicated lawyers can answer all your questions about trusts.
Revocable vs Irrevocable Trusts
There are two primary categories of trusts, each with their own level of duration and permanence:
- Revocable trusts - Can be either changed or halted, so long as the granter who is amending, revising, or revoking them is still alive
- Irrevocable trusts - Can neither be terminated, or altered, and the settlor can instate them before or after death
There are different complexities with either category of trust, and each comes with both advantages and disadvantages, particularly in terms of controlling taxes.
Often, having a trust can even help you avoid the probate process for your property. However, because these benefits or deficits entirely depend on individual contexts, it is crucial to have one of our highly knowledgeable attorneys to aid you in deciding on the right option.
Common Types of Trusts
Many people are unaware of the fact that there is actually a huge variety of trusts and these trusts can be tailored to meet their own particular requirements.
Some of the examples of specific trusts which we have successfully supported include:
- Charitable trusts, which were developed to help non-profit organizations
- Dynasty trusts, developed to carry down a large portion of wealth and assets for multiple generations
- Trusts for life insurance, which are irrevocable trusts determining which become the owner of all your life insurance, and will also keep your taxable estate separate from your insurable assets
- Living trusts, helping you not only avoid probate, but also allow you to set your assets distribution plan in case you are to ever become incapacitated
Let Us Help You Draft Your Trust
Planning your estate is a hefty business and creating trusts can be extremely challenging. To get support in gaining asset protection through trusts, rely on our skilled Long Island trust attorneys. We can provide the aid you need in building a powerful, long-lasting trust.
Contact the Law Offices of Steven M. Adler, PLLC today to discuss your situation and to find out how a trust can benefit your estate plan!