Trusts can be an excellent tool in your financial and estate planning tool kit. A New York trust can allow you to provide to your loved ones, charities, or certain organizations and bypass tax implications and the complicated New York probate process.
Your beneficiaries will enjoy the Trust's assets, receiving money and other assets from the Trust according to its provisions. However, a third-party trustee will control and manage it. This trustee will ensure that your assets are properly managed and held for the future use of your family members. This can reassure you if you want to provide for family members, but they are a legal minor, and you want their inheritance held in trust until they reach a certain age, or for whatever reason, not responsible with money. Money held in trust can be put aside for specific reasons and used to pay for medical or educational needs.
You can address the Trust's assets in the terms of your will or during your lifetime. You could choose to create a revocable lifetime trust when you can change or revoke the terms. Alternatively, you may decide to put things in an irrevocable trust, which would reduce your taxable estate.
Lifetime trusts
Under New York law, a lifetime trust is created by a person who is still alive rather than established upon their death in the terms of a will. This is an effective and tax-efficient way to provide for others, disposing of any property or assets you choose in the knowledge that it will be managed according to your wishes. Whether your primary concerns are providing for loved ones' medical, educational, and housing needs in a low-risk way or for reducing your tax bill, we can guide you through the best solution.
Charitable Trusts
You may wish to provide money for religious, educational, or charitable purposes. Under New York law, you can also put assets in a charitable trust to benefit a benevolent cause of your choosing. It is important to carefully draft the trust provisions and ensure that you identify your chosen beneficiaries clearly.
Honorary trusts for pets
Under New York laws, you can create a trust to provide for the care of your pet. This type of trust comes to an end after twenty-one years or when the trust no longer covers a living animal. We can help you ensure that instructions and provisions are in place to care for your beloved pets.
With a well-structured trust, you can efficiently provide for your family and other beneficiaries. From our offices in the heart of Manhattan, on 110 East 59th Street, we can guide you through your estate planning and help you put your assets in a trust. Please call our office to schedule a free consultation with a knowledgeable attorney. Call us today at (646) 884-3319.
For more on trusts, see our blog.