New York City Living Trust Lawyers
The main purpose of a living trust is to avoid probate while maintaining access to assets during one's lifetime. Other types of trusts can help reduce estate tax at the time of death, provide structured financial support to a disabled child or adult, or dictate charitable giving wishes after one's death.
Whether one or more trusts should be included in your estate plan will depend upon the size of your estate and your specific monetary and nonmonetary goals.
Living trusts allow you to put assets into trust during life - as opposed to transferring assets upon death. Living trusts are usually revocable; the creators of living trusts retain the right to change them during life. If a trust is irrevocable, you have given up control over your assets in the trust, in exchange for some kind of favorable tax treatment. In some types of irrevocable trusts, you still benefit financially from the assets in the trust for a period of time. Drafting and establishing strong trusts that run a low risk of successful challenge requires deep understanding of estate planning laws, as well as the ability to ask the right questions to determine a client's goals. Founded in 1930, GREENFIELD STEIN & SENIOR, LLP, is a leader in the New York estate planning and estate litigation arenas. Our wills and trusts lawyers have the experience you need to get estate planning advice you can trust. Contact our Manhattan law office to make an appointment with one of our estate planning attorneys.
We can answer your questions about every estate planning tool available to:
- Transfer assets to friends and family members with the least amount of taxation
- Make financial contingency plans for a special needs child or disabled adult
- Transfer a family-owned business
- Minimize gift tax and estate tax now and after your death
- Benefit your favorite charities by giving through your estate
The establishment of living trusts requires the transfer of assets into the trusts. If you name yourself as the trustee of a living trust, you will be managing your own property much as you do now, but in the name of the trust rather than in your own name.
The only assets that will be held in the living trust are those properties that you have transferred to the living trust by giving the title of the assets to the trust. This is a detail that many people forget; at the time of death, beneficiaries find that significant assets are missing from the living trust and, therefore, are subject to the expense and delay of probate. The New York living trust attorneys at GREENFIELD STEIN & SENIOR, LLP, maintain ongoing relationships with our clients to ensure that their estate plans remain up to date and complete.
It's common to combine a living trust with other estate planning tools, including a pour-over will that automatically transfers any property not yet put into the living trust into the living trust at the time of death. Ask a New York estate planning lawyer at GREENFIELD STEIN & SENIOR, LLP, what types of trusts best suit your estate planning goals.