New Hyde Park Trusts Lawyer

Trusts Attorney in New Hyde Park, NY

As part of an estate plan, you may want to establish a trust. This is a fund that can be used to hold financial or tangible assets. You select a beneficiary who will eventually receive those assets and choose a trustee who will follow your instructions regarding how and when to distribute trust assets.

Here at Weiss Zarett Brofman Sonnenklar & Levy, P.C., we are a team of attorneys with decades of combined experience. When you need a trust attorney, we bring deep legal knowledge and guidance to your case and walk you through your options. We are known for being dedicated, transparent and reliable. Call us today for a consultation in New Hyde Park, New York.

Types Of Trusts

A New York trust lawyer can help you set up numerous different types of trusts, including:

• Revocable living trusts, which can be changed after they have been established
• Irrevocable trusts, which typically cannot be altered and therefore have tax benefits
• Special needs trusts, which help the beneficiary pass the means test to qualify for government benefits while still receiving inheritance funds from the trust
• Charitable trusts, which help pass assets on to a charity and sometimes to chosen beneficiaries
• Life insurance trusts (ILITs), which can be used to administer life insurance payouts, removing the value of life insurance from your estate

Our team can help you determine what type of trust would be best for your family and what steps you will need to take.

Considerations When Creating A Trust

Funding the trust is a crucial consideration, as you need to identify specific assets to be included, such as a life insurance policy or tangible and financial assets you already own. You must also select a trustee to carry out trust administration, and they should be someone who is knowledgeable, dependable and trustworthy. You should also consider how a trust can be terminated or modified if necessary, which can help you decide which type of trust to use.

Often, trusts are set up for estate tax purposes. Transferring assets into an irrevocable trust reduces the value of your own estate, which can often lower the estate tax burden and transfer a higher percentage of your assets to your family members and beneficiaries.

Call For A Consultation

For an initial consultation with an experienced New York trust attorney, call us at 516-627-7000 or use the online contact form.