Westchester & Putnam County Trust Lawyer
Trusts can serve many purposes, from avoiding probate to minimizing tax consequences, which you’ll want to take advantage of with your estate plan.
Estate planning is confusing and intimidating for most people, especially when you consider the multitude of trusts you can use to manage and transfer your assets. How do you know which trusts are right for you? But setting up trusts doesn’t have to be complicated or overwhelming. With sound legal counsel from an experienced lawyer, trusts are among the most valuable instruments in a comprehensive estate plan. At Meyer & Spencer, PC, our Westchester & Putnam County trust lawyers assist individuals and families in a range of estate planning matters, including the establishment of various types of trusts to meet each client’s unique needs and goals.
Revocable trusts allow you to keep control of your assets during your lifetime, while facilitating their transfer when you pass.
There are several important benefits to using a revocable trust. With a properly executed revocable living trust, the assets held in trust are transferred during your lifetime through a different instrument than your will, so these assets will generally avoid the probate process. Also, because the trust is revocable, you’ll be able to withdraw funds from the trust during your lifetime, providing you more control over your assets. Finally, revocable trusts can help minimize the taxes associated with asset transfers and gifting.
There are many other trust instruments available to help you accomplish a variety of estate planning goals.
Unlike a revocable trust, an irrevocable trust cannot be changed once it has been established. However, if properly drafted and funded, an irrevocable trust can more effectively avoid tax consequences to make for a more efficient wealth transfer instrument. We may suggest using any combination of the following types of trusts to effectively preserve your estate, as we are highly familiar with the advantages and mechanics of each:
- Asset Protection Trusts
- Charitable Trusts
- Charitable Remainders
- Children’s Trusts
- Constructive Trusts
- Credit Shelter Trusts
- Life Insurance Trusts
- Qualified Personal Residence (QPR) Trusts
- Qualified Terminable Interest Property (Q-TIP) Trusts
- Supplemental Needs Trusts
- Spendthrift Trusts
- Tax By-Pass Trusts
- Totten Trusts
The usefulness of trusts is extensive. At Meyer & Spencer, PC, we fully comprehend all the benefits trusts have, and we know how to best incorporate them into your estate plan.
For more information about setting up trusts to protect and preserve your assets, please contact our offices in Pleasantville or Mahopac to schedule a consultation. Our Westchester & Putnam County trust lawyers have the comprehensive knowledge you need to achieve your goals.