Trusts

Trust Attorney in Queens, NY

Trusts are an important tool used by many people in their estate plan. Trusts provide flexibility and can be used to control your assets both during life and after death. Whether a trust is right for you depends upon your unique goals and wishes, your financial situation and what control you would like to have over your assets during your life. If you would like to learn more about trusts and their benefits, please speak to an experienced trusts and estate lawyer at Joseph N. Yamaner and Associates today. We look forward to learning more about your situation and helping you create or review a strong estate plan.

Feel free to contact our office online to schedule an initial consultation. You may also call us at 833-660-4746 to discuss your needs over the phone with an experienced attorney.

Evening and weekend appointments are available upon request. Joseph N. Yamaner and Associates provides in-person consultations and discounted services to veterans of American wars in honor of those who serve.

What Are The Benefits Of Trusts?

Properly created trusts grant their users certain benefits that are not available in wills. For example, certain trusts can:

• Avoid probate
• Shelter assets from tax collection services or creditors
• Protect a person’s privacy
• Care for disabled children
• Provide for charitable contributions

Best Age to Set Up a Trust?

The best age to set up a trust depends on your personal and financial situation. While there's no one-size-fits-all answer, establishing a trust earlier in life, such as in your 30s or 40s, can provide more significant benefits in terms of asset protection, estate planning, and wealth transfer strategies. However, circumstances such as marriage, parenthood, or significant financial windfalls can also prompt the need for establishing a trust at any age. It's advisable to consult with a trust and estate attorney to determine the optimal timing based on your specific goals and objectives.

How Much Money Should You Have to Set Up a Trust?

The amount of money needed to set up a trust can vary significantly depending on your specific goals and circumstances. Generally, trusts are most beneficial for individuals with assets valued at over $100,000, as they offer various advantages such as asset protection, tax efficiency, and control over distribution. However, even individuals with smaller estates may find trusts useful for specific purposes like avoiding probate or providing for minor children.

Feel free to contact our office online to schedule an initial consultation. You may also call us at 833-660-4746 to discuss your needs over the phone with an experienced attorney.

What Is The Difference Between “Revocable” And “Irrevocable” Trusts?

Two types of trusts are the most common and most well-known: the (i) revocable or “living” trust and the (ii) irrevocable trust. The differences between these two tools are:

• Revocable trusts: A person has the ability to change a revocable trust at any point up until his or her death. This gives a person the flexibility to change certain provisions if his or her needs or desires change throughout his or her life. The assets in a revocable trust, however, will be considered personal assets and will be available to creditors and factored into estate tax obligations. These trusts become irrevocable upon death.
• Irrevocable trusts: Irrevocable trusts are exactly what the name entails — irrevocable. They cannot be changed after they are created. They offer significant financial benefits, however, including removing property from the estate to reduce tax obligations. All property in an irrevocable trust is no longer considered a person’s property, so any assets placed in the trust cannot be reached by creditors.

Understanding Trusts: Frequently Asked Questions:

What types of trusts are commonly used in Queens, NY?

In Queens, NY, common types of trusts include revocable trusts, irrevocable trusts, special needs trusts, and asset protection trusts. Each type serves different purposes, such as avoiding probate, reducing estate taxes, protecting assets from creditors, or providing for loved ones with special needs.

Can trusts protect assets from lawsuits in Queens, NY?

Trusts can offer some level of asset protection from lawsuits, depending on their structure and the laws of New York State. Irrevocable trusts may provide greater protection since assets transferred into them are typically beyond the reach of creditors. However, the effectiveness of asset protection strategies can vary, and it's crucial to consult with a qualified attorney familiar with New York trust and estate laws to ensure proper asset protection planning.

How long does it take to establish a trust in Queens, NY?

The timeline for setting up a trust in Queens, NY, can vary depending on factors such as the complexity of the trust, the cooperation of involved parties, and the workload of the legal professionals involved. Generally, establishing a basic trust can take several weeks to a few months, while more complex trusts may require additional time for drafting, review, and execution of legal documents. It's advisable to start the process well in advance and work closely with a knowledgeable trust attorney to ensure a smooth and timely establishment of your trust.