Bohemia Trust Attorney
Representing Suffolk County clients through estate planning
Establishing a comprehensive estate plan is important. Declaring your wishes for your estate is something everyone should consider, no matter their means. After you execute a will, it may be in your family’s best interests to consider the use of a trust. Providing instructions on how to pass assets along to a beneficiary can help a family focus on healing rather than the uncertainty of the future of your belongings. A trust is a testamentary document that manages assets before they are sent to probate. Though planning one’s estate can be a trying conversation, our firm is ready to guide you when you are ready. For over 20 years, The Law Offices of Susan A. Kassel, P.C. has helped clients plan their estates and execute the testamentary documents necessary to carry out their wishes. If you need a compassionate and knowledgeable attorney to help you plan your estate, contact The Law Offices of Susan A. Kassel, P.C. for a consultation.
What is a trust?
A trust is an agreement providing a third party the authority to hold assets on behalf of a beneficiary or beneficiaries. The person asked to hold said documents is called the trustee. Trusts are different than wills because they help avoid probate court and have beneficial tax implications for the beneficiary. There are two main types of trusts available.
- Revocable trust: changes can be made once executed
- Irrevocable trusts: no changes can be made after execution
Irrevocable trusts are more popular because, compared to a revocable trust’s tax implications, irrevocable trusts offer much greater benefits to the beneficiary. Whichever you choose, they both comes with great benefits, including:
- Assets avoid probate
- Assets are passed quicker
- Legal costs are saved
- Various tax benefits
When deciding on the right trust, one needs to decide among a multitude of choices. Some of the many types of trusts include marital trusts, bypass trusts, testamentary trusts, irrevocable life insurance trusts, charitable remainder trusts, charitable leads trusts, and generation-skipping trusts, just to name a few. One can decide between leaving assets or money to his or her family, a charity, friends, and even a pet. If a person has a special needs child that needs financial support, a trust may be a good option to help the child get the care they need. When deciding on such significant matters, it is important to consult with an experienced attorney.
Contact a Suffolk County Wills and Trusts attorney
For over 20 years, The Law Offices of Susan A. Kassel, P.C. has been a legal resource for families and individuals across Long Island. It is important to retain the services of a knowledgeable attorney when planning an estate. Having years of significant experience in estate planning, our firm understands how hard it may be to talk about these issues. When you are ready, our firm is here to help. Contact The Law Offices of Susan A. Kassel, P.C. for a free consultation to discuss how our firm may assist you.