Living Trusts Lawyer in Brooklyn
A living Trust is a complete will substitute that avoids Court /probate process. It is a written agreement and plan regarding who to control and manage your assets during LIFE and DEATH and or DISABILITY. Trustee may continue to buy and sell assets.
Benefits of a Living Trust
- Your written plan happens automatically
- No Court Delays or Interference
- Can reduce or eliminate estate taxes in some instances
- Can allow family to take advantage of the Medicaid spend down rules
- Can provide care to children and future grandchildren in a way to prevent them from wasting such assets
- Protects you while you are alive
Trusts Protects Beneficiaries
- Protects incapacitated or disabled beneficiaries. No Guardianship needed
- Can provide divorce protection for your heirs
- Can protect your children’s inheritance if your spouse remarries
- Can provide creditor protection for your heirs who have creditor problems
- Can amend terms and beneficiaries, and relationships sometimes change
Easy to setup a Trust
- An agreement between trustor and trustee(s)
- Trustor
- Trustee
- Beneficiary
- Fund Trust
Tax Advantages of a Trust
- In New York State inn 2022, an Estate over 6.11 million dollars triggers an estate tax.
- Certain type of trusts such as a bypass trust or spousal lifetime access trust( SLAT) can help to reduce or eliminate estate taxes.
IRREOCABLE TRUST( MEDICAID TRUST)
- An irrevocable Trust is a Trust that cannot be revised or altered.
- A major use of the Irrevocable Trust is to protect you from the Medicaid down the road. If you designate someone who you trust as Trustee, such assets in your trust will not be considered yours when looked at by Medicaid.
- Despite the advantages with respect to Medicaid, some people are not in favor of an irrevocable trust as one loses control of their assets. Situations and relationships sometimes change, and one would be stuck with this document forever.
