A Trust Attorney in New York City Can Advise You on Your Options. Assets held by a trust can be used to pay for the medical or educational needs of designated trust beneficiaries. A trust attorney can convert trusts into a component of your will or into a separate legal entity. Wills, Trusts, and Probate Law gives you the power to make a plan to decide who will receive your money and property after your death.
It helps protect your assets if you get sick and lets you choose the people you would like to be in charge of your money and property. It also gives you the final word on difficult financial and health decisions that may come up during your lifetime. A trust is a document that gives you, another person, or an institution the power to hold and manage your money for your benefit or the benefit of another person. A trust can serve many purposes, including estate planning, tax planning, medical planning, and charitable giving.
Think of a trust as a legal tool to protect and allocate your assets. Trusts can have significant legal and tax benefits. They can target their assets to a specific purpose or to a specific person. The person who manages the trust is known as a trustee.
The person or organization benefiting from the trust is known as the beneficiary. Depending on the type of trust you establish and the goals you have, it can be the trustee or the beneficiary. Your role will depend on your plans and the type of trust you create. When you set up a living trust to transfer your property to your loved ones after you die, you can save them a lot of time, hassle, and probably money.
Property left through a will (rather than a living trust) could be immobilized for months or even years in probate court (called the Surrogacy Court in New York), and could involve significant court costs and attorney's fees. Conversely, assets left through a trust can be distributed to its beneficiaries almost immediately and often without the need for an attorney. While it's possible to write your own trust, a trust lawyer will go beyond the basics and dig deeper into your particular situation to help you start thinking about how you want your estate divided, who you want to receive it, and on what timeframe you want it distributed. Special needs trusts are legal agreements that allow such individuals to receive financial support from the trust for private purposes without jeopardizing their eligibility for federal and state public assistance programs, such as Supplemental Security Income (SSI) and other benefits.
Irrevocable trusts can be useful tools for specific purposes, such as reducing taxes, but they require relinquishing ownership and control of trust property. Such agreements are applicable in New York and must be drafted and executed in a precise and clear manner with the help of a trust and probate lawyer to avoid any possible negative impact. The typical way a trust works is that a sum of money, called a “principal”, is placed in a bank account or investment account in the trust's name. Master charitable trusts and remaining charitable trusts that meet the technical requirements of the tax code can serve these dual purposes.
Whether a trust is revocable or irrevocable will depend on the type of trust and its purpose in creating it. Provided that the grantor has relinquished any control and beneficial interest over the trust assets, income from trust assets is not included in the grantor's taxable income and assets are not included in the grantor's estate. In your trust document, you will also appoint a successor trustee to take over and manage the trust (distribute your property) after your death. The trustee is a trustee obligated to handle trust assets in accordance with the terms of the trust document and solely in the best interest of the beneficiaries.
The term trust attorney does not refer to an attorney who is reliable (although this is an important characteristic that you should have in your lawyer). To find a trusted honest and reputable lawyer in Denver, contact the estate planning lawyers at Brown %26 Crona, LLC. A charitable remnant trust is an irrevocable trust that provides current income to the grantor or other designated non-charitable beneficiaries and a partial tax deduction based on the valuation of the assets contributed. .