Trusts are valuable estate planning tools when it comes to managing your assets in the complex modern world. However, determining which trusts may be fitting for your situation in the event of your death can be overwhelming, with the wrong decision potentially having negative long-term implications. An experienced estate planning attorney in New York can help you determine if a trust is an appropriate planning tool for you and your family.
One type of trust is designed for people with charitable interests they want to carry out, either while they are alive or after they die; it is known as a charitable remainder trust. You can also take advantage of a special needs trust if you want to provide for loved ones, such as grandchildren or children, with special needs. Supplemental needs trusts may also be fitting for you if you have special needs beneficiaries and want to maintain your government assistance benefits.
One of your biggest concerns may be the impact of taxes on your estate when you pass away. An estate planning attorney can also help you to minimize or even avoid New York and federal estate taxes. Tax-planning trusts, such as irrevocable trusts and insurance trusts, can be used to lessen estate taxes' impact.
With trusts, you can dictate what happens to your assets after your death and avoid probate as well. A trust also ensures that your loved ones will get the assets you want them to have upon your death. Proper legal guidance can help you to successfully set up a trust that meets your and your loved ones' unique needs.