Brooklyn Revocable Trusts Attorneys Help You Manage Your Legacy
New York attorneys establish revocable trusts to protect your assets and to distribute them
You’ve worked hard to reach a comfortable standard of living for you and your family. But it’s never too early to start thinking about how your wealth will be passed on to your heirs and other intended beneficiaries. A well-structured trust allow you to manage your property during your lifetime while making provisions for taking care of your loved ones if you should die or become incapacitated. At Goldberg Sager & Associates, a Brooklyn revocable trust attorney can suggest effective strategies to enhance your estate plan. We take the time to understand your circumstances so that we can tailor solutions to meet your specific goals.
What is a revocable trust?
A revocable trust — also known as a living trust — is a legal entity that you create to hold your assets during your lifetime and to pass them seamlessly to your beneficiaries upon your death or on other specified conditions. A revocable trust, as the name suggests, is one that you can amend or cancel at any time. While the trust is active, it is the legal owner of the property placed within it, and you can serve as trustee to manage the assets. You can also name a successor trustee to take over upon your death or disability.
Advantages of creating a revocable trust in New York
A revocable trust lets you enjoy your wealth during your lifetime with very little constraint. Once you are deceased, the assets in the trust do not go through the court probate process, which can be expensive and subject to delays. Thus, if your children are dependent on income from the trust or property held by the trust, they have immediate access. The trust administration is done in private, usually in the office of the attorney you have designated.
A revocable trust provides protection of your assets in the event of your incapacity. You can name someone as the primary trustee or as your agent in the event of your inability to manage your affairs.
Establishing a trust also allows you to place conditions on the legacy you leave to your beneficiaries. Further, you can amend the trust at any time, add and subtract assets and even terminate the trust entirely.
Disadvantages of a revocable trust
A revocable trust does not help you avoid the federal estate tax. Since you retain control of all the assets, they are considered part of your estate for tax purposes. There are upfront costs to setting up the trust and costs to maintain it. In addition, a revocable trust also does not provide the same level of protection against creditors as an irrevocable trust.
What property can you place in a revocable trust?”
There is no limitation on the types of property you can place in a revocable trust. People frequently use trusts to hold the following:
- Real estate
- Stock portfolios
- Life insurance
- Qualified retirement plans
- Health savings accounts
- Fine art and jewelry
- Business interests
If you have real estate in different states, placing that property in a revocable trust can help you avoid probate in those states. An estate planning attorney at our firm can help you create a trust that fits your circumstances and goals.
