Nassau County Trusts Attorney

A trust is a useful estate planning tool that allows you to hold property and assets in the trust with named beneficiaries who will receive these titles in the event that you die. Trusts are advantageous for protecting your estate, and they can also help save lots of time and money as they do not have to go through the probate process. Whatever you have listed in your trust will simply go directly to the beneficiaries you have named.

Note that while trusts operate similarly to wills when it comes to transferring certain assets, you will still need to have a will for certain other decisions. For example, trusts primarily handle estate and property matters, so you will need a will to name a legal guardian if you have minor children. It is also a safe bet to have a will in case there is some property you’ve gained that you forgot to include in your trust.

Understanding the Different Types of Trusts

When it comes to estate planning, choosing the right type of trust can be pivotal in ensuring your assets are managed according to your wishes. At Kirshblum Taber PC, we understand that navigating the complexities of trusts can be overwhelming, which is why we are here to guide you through the process. 

Below, we outline some of the most common types of trusts and their unique benefits:

• Revocable Living Trust: This type of trust allows you to retain control over your assets during your lifetime, with the flexibility to make changes as needed. It can help avoid probate and provide privacy for your estate.
• Irrevocable Trust: Once established, this trust cannot be altered without the consent of the beneficiaries. It can be beneficial for asset protection and tax planning, as assets placed in an irrevocable trust are typically not subject to estate taxes.
• Special Needs Trust: Designed to provide for individuals with disabilities without jeopardizing their eligibility for government assistance, this trust ensures that your loved ones receive the support they need.
• Charitable Trust: If you wish to support a charitable cause while also benefiting from tax deductions, a charitable trust can be an excellent option. It allows you to contribute to charity while retaining some control over the assets.

Our experienced attorneys at Kirshblum Taber PC are committed to helping you select the right trust for your specific needs. We take the time to understand your goals and provide personalized solutions that protect your legacy. Contact us today to schedule a consultation and take the first step toward securing your family's future.

Secure Your Legacy with a Trust in Nassau County

There are several different types of trusts you can create, depending on your circumstances. For instance, there are living trusts that allow you to manage your trust assets during your lifetime, and there are testamentary trusts that determine the distribution of your assets after you die. These trusts can be either revocable (changed or terminated at any point during your lifetime) or irrevocable (cannot be changed once it has been established and cannot be revoked after you die).

What is a Irrevocable Trust? 

One of the most important types of trusts that we handle at Kirshblum Taber PC is the irrevocable trust, which can be either an irrevocable living trust or an irrevocable testamentary trust. An irrevocable living trust is when you transfer assets to the trust while you are alive. With an irrevocable testamentary trust, you also create it during your lifetime, but it becomes part of your will and thus is administered according to the terms of your will. This type of trust may be appropriate in situations when you want to name a trustee to manage the property on behalf of a minor.

Experienced Guidance on Irrevocable Trusts in Nassau County

Trusts can be confusing and complex matters, but Kirshblum Taber PC is significantly experienced with all stages of the process, from creating a trust to understanding its terms. For legal assistance on making your irrevocable trust in Nassau County, contact Attorney Orly Taber, Esq. for informed legal counsel. Our Long Island trusts lawyer will make sure your property is being appropriately protected for your beneficiaries and that all the legal jargon meets your needs and interests.

Our Experienced Nassau County Trusts Lawyer Can Help

Creating a trust is just the first step in effective estate planning. To ensure your trust continues to meet your needs and goals, regular reviews are essential. Life changes—such as marriage, divorce, the birth of a child, or changes in financial circumstances—can impact your trust's effectiveness. Our experienced attorneys at Kirshblum Taber PC recommend scheduling a review every few years or after any significant life event.

Here are some key reasons to conduct regular trust reviews:

• Adapt to Changing Laws: Estate laws can change, and staying informed can help you avoid potential pitfalls.
• Update Beneficiaries: Ensure that your trust reflects your current wishes regarding beneficiaries and their distributions.
• Asset Management: Evaluate the assets held within the trust to ensure they align with your financial goals.
• Tax Considerations: Changes in tax laws may affect your trust; regular reviews help you optimize tax benefits.
• Peace of Mind: Knowing your trust is up-to-date can provide reassurance that your estate will be managed according to your wishes.

At Kirshblum Taber PC, we are committed to helping you navigate the complexities of estate planning.  

Get started today by calling our Nassau County trusts lawyer at Kirshblum Taber PC at (516) 908-8842. Schedule an initial consultation online today.