NYC Estate Planning Lawyers
Trusts are an important part of any estate plan. They serve two major purposes:
- Assets management (particularly for elderly family members)
- Minimization of tax liability
Depending on your goals, your estate plan may include revocable trusts, irrevocable trusts or a combination of both.
At Russo & Burke, we have provided comprehensive estate planning services to clients in New York, the tri-state area and across international boundaries for nearly thirty years. Our attorneys are known for their ethical standards, genuine responsiveness to client concerns, attentiveness to detail and the legal ability to protect a client's assets and interests, whether the estate is under a million dollars or valued at upwards of a hundred million dollars. Our help can also be especially useful if you anticipate potential challenges to your will or estate once you are gone.
Make Good Decisions Based on Your Goals. New York Trusts Attorneys. Call 888-381-7085. E-Mail the Firm.
Revocable Trust Benefits
- Trusts do not have to go through the probate process. This means that there is no delay in the distribution of the trust assets and that your trust assets and beneficiaries are not a matter of public record.
- Titles for homes, vacation homes, businesses or collections can be transferred easily and managed by your Trustee.
- Trusts allow for more specific and protective management of assets for family members without the worry of the beneficiary's level of personal responsibility.
- Children from a previous marriage can be provided for, lessening the concern of challenges to your will.
- Revocable trusts allow for active control by you, the grantor, and can be amended or even revoked at any time (for instance, upon remarriage or need to use assets from the trust).
Irrevocable trusts are less easily amended. However, the irrevocability of this type of trust may protect assets from estate taxes. Irrevocable trust assets are protected from creditors, lawsuits and probate laws. If the person who has granted the trust needs nursing home care, the assets from this trust are not included in Medicaid eligibility determination.
Types of trusts include:
- Insurance trusts
- Special needs trusts and supplemental needs trusts
- Retained income trusts
- Limited term trusts
- Spendthrift trusts
- Family trusts
- Education trusts
See Client Testimonials and list of Representative Cases.
E-Mail or Call for Answers and Assertion of Your Rights: 888-381-7085
Call to arrange a confidential, no-risk meeting to get your questions answered, and learn how one of our New York trusts attorneys and New York City estate planning lawyers can help: 888-381-7085.
