There are many types of trusts that can be used in estate planning in New York, and one of the most popular ones is the charitable remainder trust. This type of trust works for those who want to give back to the community, while also leaving money for their heirs....
Trusts
Reviewing the basic types of trusts
Estate planning is a different experience for everyone, but there are similar concerns that come with creating a trust and will. Every estate planner in New York must consider their options when it comes to different types of trusts. You should learn about the four...
Why do creators of trusts have to appoint successor trustees?
Estate planning is not only for the wealthy. Everyone in New York state would be wise to establish wills and trusts with the guidance of legal counsel. When a person sets up a revocable trust, the trustor can manage it while he or she is alive and able. However, a...
Trusts have benefits, but wills are also important
Estate planning is often a daunting prospect for people in New York and other states. Knowing when and how to establish trusts -- and making sure wills meet the legal requirements -- could be daunting. A will is a document to ensure the testator's wishes are carried...
How does an asset protection trust differ from other trusts?
Trusts are established as a part of estate planning by many people in upstate New York. Trusts can create financial legacies for surviving loved ones, and some use them to minimize estate taxes. Individuals who are concerned about legal action to attach some of their...
Trusts can ensure funds to take care of minor children
Some New York residents put estate planning on the back burner for when they are middle-aged. However, anyone who earns an income and has children should seriously consider the need for wills and trusts. Lives can be lost in the blink of an eye, and wills and trusts...
Pros and cons of including trusts in estate planning
Including a will in estate planning can ensure that assets are distributed as wished by the testator. However, many people in New York may also benefit from creating a trust, mainly those with larger estates. There are several different types of trusts that might...
Estate planning requires review of wills and trusts
Many people in New York do not realize the importance of reviewing estate planning documents occasionally. Once wills and trusts are established, reviewing them can ensure that life's changes are reflected in these documents. Advisers say all important legal documents...
Procrastination prevents some from drafting trusts and wills
It is not uncommon for people in Upstate New York to put estate planning on the back burner. Some procrastinate, while others do not want to consider their mortality, and still others might do estate planning without professional guidance. Seeking legal counsel can...
Grantor trusts could create and protect wealth
Getting estate planning documents in place without professional assistance could be a daunting task. While grantor trusts can be valuable tools for some, they may not suit all New York investors. This is a process typically best executed with the guidance and support...