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 & Nigina Khasidova Attorneys at Law today. We look forward to learning more about your situation and helping you create or review a strong estate plan.
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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
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.
Contact Us To Learn More About Creating Your Trust
Our attorneys can help you develop a trust tailored to your specific circumstances. Reach out to our attorneys online or call Joseph N. Yamaner & Nigina Khasidova Attorneys at Law at 718-361-1818 to schedule an initial consultation.