Trust Attorney in Katonah, NY

Helping Individuals and Families Develop Trusts That Suit Their Goals Throughout Westchester County and Beyond

Wills are typically regarded as the foundation upon which most estate plans are built, but they are not necessarily where you should stop in terms of creating a comprehensive plan. When completing your estate plan, it is often recommended to establish a valid trust. A trust can save your family time and money at various stages of their lives, including probate proceedings and more.

Whether you are looking to draft the initial elements of your estate plan or are considering adding a trust to an already established plan, our law firm has years of experience representing clients in these and related practice areas. As your attorneys, we will do everything possible to help ensure that you take all steps to protect your finances and your family’s future while making informed decisions throughout the process.

To learn more about the benefits of creating a trust and how our legal team can assist you in these matters, please get in touch with us to schedule your free initial consultation today. In your free 30-minute case evaluation, we will help you understand your various legal options and help you take action to defend the interests of your loved ones.

Should You Include a Trust in Your Estate Plan?

Anyone considering creating a trust should understand the various benefits of these estate-planning documents, as well as the responsibilities inherent in funding and administering the trust. To ensure that your process goes smoothly, we encourage you to contact our law office to discuss your questions and concerns with our estate and elder law attorneys in your free 30-minute case review.

Ultimately, whether you should include a trust in your estate plan depends on your unique circumstances, including your wealth, family dynamics, business interests, and more. In some cases, an individual may deem it unnecessary to create a trust as part of their estate plan, but we advise you not to make this decision without first speaking with an experienced attorney.

Among the assets and property that can be placed into a trust are the following:

  • Finances, including bank accounts and other funds
  • Jewelry and other personal valuables
  • Art collections and the collected works of other interests
  • Stocks and bonds
  • Creative works
  • Digital assets
  • Life insurance policies
  • Real estate property
  • Motor vehicles, including passenger cars, RVs, motorcycles, aircraft, and boats
  • And more

What Are the Many Benefits of Creating a Trust?

There are many potential benefits to creating a trust as part of your complete estate plan in New York. When you schedule a free case review with our attorneys and staff, we will review the potential advantages and disadvantages of creating a trust and determine which type of trust is most suitable for your needs.

Some of the top benefits of creating trusts in New York estate plans include the following:

  • Establish how your estate assets are distributed to beneficiaries
  • Manage your wealth and assets privately, instead of in probate court, which is a public process
  • Potentially avoid or prevent probate entirely, allowing for a smoother transition of assets upon death
  • Minimize tax liabilities, including estate and inheritance taxes, in many situations.
  • Assist disabled family members and individuals under financial duress
  • Sometimes trusts can help smooth over complex family dynamics, such as in divorce or blended families, as well as in estate litigation or will contests
  • Trusts afford a certain level of asset protection measures, which can shield specific assets from creditors and claims
  • Depending on how the trust is created and who is meant to benefit, a trust can provide financial security and guard against poor spending habits
  • And more

What Are the Different Types of Trusts Available in New York State?

There are many different types of trusts available in New York for those contemplating creating an estate plan.

Examples include the following:

Revocable and Irrevocable Trusts

Whether your trust can be easily modified or terminated will depend on the type of trust you create and who is named as the beneficiary.

For example, if you create a revocable living trust, you have the authority to change or revoke it at any time during your life, provided that you are deemed mentally competent. This gives you incredible flexibility in determining how the trust distributes assets as circumstances change or your personal wishes evolve.

Irrevocable trusts, on the other hand, are designed not to be altered or terminated. Depending on how the trust is established, there may be ways to modify it in certain circumstances, but these often require the full approval of all named beneficiaries.

Living Trusts and Testamentary Trusts

Living trusts are created and funded during the trust grantor’s lifetime. If you so choose, it’s possible that you may be able to nominate yourself as the trustee of the living trust, thus giving you control over how the assets are handled during your life. There are many benefits to creating living trusts, not the least of which is that your beneficiaries can enjoy the advantages of trust funds while you are still among the living.

Testamentary trusts are funded and take effect upon your death. In many situations, testamentary trusts are drafted in conjunction with a last will and testament. Named beneficiaries are not entitled to trust assets until after the grantor’s passing. Testamentary trusts are often created in situations involving minor children, loved ones with disabilities, or the transfer of significant sums of money.

Special Needs Trusts

Special needs trusts are created to provide financial assistance to individuals with disabilities for years after the trust creator’s death. By establishing a special needs trust, the disabled individual may still qualify for government benefits, including Medicaid, Social Security, SSI, and other public assistance programs, thereby protecting their interests.

Charitable Trusts

There are different types of charitable trusts, including charitable remainder trusts and charitable lead trusts. While these two types of trusts differ, they are both created with the intention of distributing trust assets to a chosen charity organization for a specified period or after a specific triggering event. To learn more about the different types of charitable trusts, please get in touch with our law firm.

Qualified Personal Residence Trusts

Qualified personal residence trusts remove the value of your primary residence or vacation property from the totality of your estate assets. These types of trusts are usually used in areas with booming housing markets or in situations where real estate is likely to appreciate.

Generation-Skipping Trusts (aka Dynasty Trusts)

Generation-skipping trusts allow you to transfer significant amounts of money and assets tax-free to grandchildren or beneficiaries who are at least two generations younger than you. It should be noted, however, that this type of trust is subject to special acts considerations, and we encourage you to contact our Katonah law firm to learn more.

Spendthrift Trusts

This type of trust allows the grantor to gift or bequeath funds to designated beneficiaries while protecting those beneficiaries from losing their inheritance due to poor financial management or creditor claims. Essentially, if you wish to transfer assets to a loved one but fear they will make poor financial decisions with their inheritance, a spendthrift trust may be an advisable option.

Irrevocable Life Insurance Trusts

Life insurance trusts allow you to pull your life insurance policy out of your estate. Being that the trust is irrevocable, the removal of the policy from your estate nullifies your ownership rights. This means that you cannot borrow against the policy or change any designated beneficiaries. At the time of your death, proceeds from the life insurance policy are distributed to beneficiaries as tax-free income.

Contact Our Katonah, New York Law Firm to Discuss Your Unique Needs with Our Experienced Trust Lawyers Today

If you are considering taking the steps to create a trust as part of your estate plan, we must encourage you to contact our Katonah estate planning attorneys to discuss your personal goals in a free 30-minute case consultation. Our lawyers and legal staff have years of experience helping clients fund trusts, select trustees, and assist those trustees in trust and estate administration. We offer our services at affordable rates and with the promise of steadfast dedication to your needs.

Please contact our law firm to schedule your free case evaluation today by calling us at 845-682-5572.