Planning with a Long Island Trust Law attorney
The future is now. Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. One wrong document or inclusion or signatory could mean or signal a whole different thing and may jeopardize your well-being or your estates at risk of loss and probate with the beneficiary or trustee not getting it. You need a trust attorney who will guide you through the entire process of forming and implementing a trust both while you are alive or passed on.
What is a Trust?
Trust forms a vital part of your estate plan. With living trust, you can decide who takes over plans of your estate, make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Through trust also, a trustee could make certain important health decisions for you, when you become incapable of doing so. This is quite similar to the role of a guardian. In forming a trust, you become the trust maker and the beneficiary or successor of the trust is the trustee.
Trusts are part of the process of planning your estate and as such you need a seasoned and experience trust lawyer who will file the essential documents validated by the state laws. State laws sometimes rules over estate plans in Long Island. They are very specific about what document may be included in your estate plans and trust, additional, in cases that requires settlement of trusts, whether revocable or irrevocable living trust, it is this same laws that is used to uphold or withhold a trust. It is there wise to consult with a Long Island trust law attorney when making or deciding your trust.
IRREVOCABLE AND REVOCABLE TRUST
Irrevocable trust is a trust that can be formed and implemented while the trust maker is alive and well. It involve passing on a part of your estate or property, income to a beneficiary (trustee) permanently. Thus the name irrevocable. Irrevocable trust isn’t an option for most people because once the trust have been funded, there is no retuning on the agreement. This trust is good should in case you want to ensure legality, transparency, privacy and permanency is distribution of an assets. Another important reason for establishing an irrevocable trust, is that it prevents heavy taxes on estate. Under the IRS law, the only trust that avoids estate taxes is the irrevocable trust. The reason is that the property no longer belongs to the original trust maker.
Conversely a revocable trust can be ‘undone’ and the assets or property held or given to another beneficiary. Revocable trust actually covers three aspects; what happens to your estate when you are alive and well, when you are mentally incapacitated and when you die. This trust remains in the control of the trust maker until their death or when they become incapacitated and can be cancelled anytime. Planning towards your mental health would be great with the revocable trust, because, it allows a documented trustee step in and take control of management of your finances and estate. The trustee would however, have been assigned before the occurrence.
Although the two types of trust has distinct benefit and are applicable in various situations, however it is always in your best interest to plan with you a trust attorney.
With a Long Island trust law attorney, you can plan on the right type of trust and maximize it to full benefit.