Drafting Durable Trusts In New City, New York
Trusts are an essential part of your estate plan when you want your beneficiaries to receive the maximum benefit of their inheritance. They can also help to avoid the probate proceedings that are normally needed to settle your will and overall save your family time and money in closing your estate. With a trust, you retain control over your estate’s future. You are able to pass assets to beneficiaries in the most tax-efficient manner, preserving your wealth for the next generation. If you are interested in developing a trust for your estate or learning more about our firm’s asset protection services, contact Koplen Law.
What is a trust?
A trust is a fiduciary contract between the estate and a trustee, a third party provided the authority to hold assets on behalf of a beneficiary. There are two categories of trusts.
- Irrevocable trusts: No changes can be made without the consent of interested parties
- Revocable trusts: Changes can be made throughout the life of the trust
Trusts come with great benefits to the estate and its beneficiaries. Probably the most notable benefit of a trust is the positive tax implications. Irrevocable trusts come with great tax benefits, leaving more wealth to beneficiaries and giving less to the government than by passing assets through a revocable trusts or probate. Trusts also:
- Allow assets to pass outside of probate
- Allow assets to be passed quicker
- Provides a saving on legal costs
What kinds of trusts are available?
There are numerous types of trusts available, each with its own purpose for how, when, and to whom assets should be passed. Koplen Law has a dedicated and diverse estate planning practice that includes trust development and administration. We help clients minimize estate and gift taxes, arrange a smooth transfer of business interests, and protect high-value assets using a variety of trusts, including:
- Inter vivos trusts
- Asset protection trusts
- Supplemental needs trusts
- Charitable remainder trusts
- Charitable leads trusts
- Generation-skipping trusts
- Life insurance trusts
- Testamentary trusts
- Qualified personal residence trusts
Deciding on the right trust is fact-sensitive. It is important to pick the right trust for your specific goal. With so much at stake, having the right attorney’s guidance is imperative.
Contact a knowledgeable trusts attorney
Estate planning is an important process. Trusts are one of the most effective tools for preserving one’s estate. Koplen Law will help you set up a trust that accomplishes your estate planning objectives, whether they involve protecting assets from probate, providing for a charitable cause, or avoiding excessive capital gains taxes. If you are interested in knowing more about trusts or to speak to a knowledgeable estate planning attorney, contact Koplen Law.