A Living Trust Can Preserve your Legacy for Future Generations

Learn about the Many Benefits from Living Trust Attorneys in Garden City, NY

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What Is a Living Trust?

A Living Trust is a powerful Estate Planning document used as a means to help avoid Probate, reduce estate taxes, and even set up long-term property management. A Living Trust is established while the trustor is still living. During the lifetime of the trustor, asset ownership is transferred to the Trust in a process called funding.

The trustor specifies how assets contained within the Living Trust will be managed. A Living Trust can be fully amended or revoked at anytime by the trustor, giving the trustor full control over the management of the assets. The trustor can act as trustee, or appoint someone to else to manage the trust. In the event the trustor becomes incapacitated or pass away, the successor trustee will take over management of the Trust.

Benefits of a Living Trust

One of the biggest benefits of creating a Living Trust is that assets funded into the Trust generally avoid Probate administration. Probate is the court supervised process of distributing assets to beneficiaries and paying off remaining debt in the deceased’s name. Probate can tie up assets in messy court litigation, and it can be months, even years before assets can be distributed to beneficiaries. Expenses associated with Probate can be extensive, and a good portion of the estate could be depleted paying off court and legal fees.

Unlike executing the instructions in a Will, which can take several court proceedings and a lawyer to complete, a Living Trust allows for the immediate disbursement of assets to beneficiaries. The trustee can start dissolving the Trust at anytime as instructed by the Trust document.

Other benefits of Living Trusts include:

  • Protecting the privacy of your family affairs. Dissolving a Trust can be a private matter, unlike a Will, in which some documents can be public records
  • Helping you minimizing estate taxes
  • Helping you establish property management on a long-term basis

For more information on Living Trusts, download your FREE report, “Living Trusts: Calculating the Benefits” and learn how you can:

  • Have assets managed by according to your instructions
  • Avoid the expenses and time associated with Probate
  • Minimize your estate’s tax liabilities
  • Provide income for children from previous marriages
  • And more

Serving Business owners, individuals and families throughout the Long Island and Westchester areas, including Nassau, Suffolk and Westchester Counties and the communities of: Albertson, Amityville, and Yorktown Heights, Ardsley, Armonk, Atlantic Beach, Babylon, Baldwin, Bay Shore, Bayport, Bayville, Bedford, Bedford Hills, Bellmore, Bellport, Bethpage, Bohemia, Briarcliff Manor, Carle Place, Cedarhurst, Center Moriches, Centereach, Central Islip, Chappaqua, Cold Spring Harbor, Commack, Coram, Croton Falls, Croton-on-Hudson, Deer Park, Dobbs Ferry, East Meadow, East Northport, East Norwich, East Rockaway, East Setauket, Eastchester, Elmont, Elmsford, Farmingdale, Farmingdale, Floral Park, Franklin Square, Freeport, Garden City, Glen Cove, Glen Head, Great Neck, Greenlawn, Greenvale, Harrison, Hartsdale, Hastings-on-Hudson, Hauppauge, Hawthorne, Hewlett, Hicksville, Holbrook, Holtsville, Huntington, Huntington Station, Irvington, Island Park, Islip, Islip Terrace, Jericho, Katonah, Kings Park, Lake Grove, Lake Ronkonkoma, Larchmont, Lawrence, Levittown, Lindenhurst, Locust Valley, Long Beach, Lynbrook, Malverne, Mamaroneck, Manhasset, Massapequa, Massapequa Park, Medford, Melville, Merrick, Middle Island, Mill Neck, Miller Place, Mineola, Mount Kisco, Mount Vernon, New Hyde Park, New Rochelle, North Babylon, Northport, Oakdale, Old Bethpage, Old Westbury, Ossining, Oyster Bay, Patchogue, Peekskill, Pelham, Plainview, Pleasantville, Point Lookout, Port Chester, Port Jefferson, Port Jefferson Station, Port Washington, Pound Ridge, Purchase, Ridge, Riverhead, Rockville Centre, Roslyn, Roslyn Heights, Rye, Rye Brook, Saint James, Sayville, Scarsdale, Sea Cliff, Seaford, Selden, Setauket, Shoreham, Sleepy Hollow, Smithtown, Somers, South Farmingdale, South Salem, Syosset, Tarrytown, Tuckahoe, Uniondale, Valley Stream, Wantagh, West Babylon, West Hempstead, West Islip, West Sayville, Westbury, White Plains, Williston Park, Woodbury, Woodbury Woodmere, & Yonkers.