Legacy Planning in Garden City, NY

No. A family wealth trust is mainly used to avoid probate during life and after death and to help reduce or eliminate federal estate taxes in certain situations. It is not designed to lower income taxes. If you serve as trustee, your income tax filing typically remains the same as before the trust was created. The trust generally does not create new income tax returns or additional income tax liability.

Yes. Real estate can—and often should—be transferred into a family wealth trust. If property is left outside the trust, your estate may need probate in every state where real estate is located, depending on how the title is held. When real estate is owned by the trust, it can pass to beneficiaries without probate. This helps simplify administration and prevents multiple court proceedings across different states after your death.

No. Trusts have been recognized and supported by law for a very long time. A family wealth trust is a legitimate planning tool that helps families avoid probate and pass assets according to their wishes. Because probate courts are already overwhelmed, avoiding probate through lawful planning isn’t seen as something the government needs to eliminate. Trusts remain a common and accepted way to manage and distribute property efficiently.

A “bare bones” living trust usually focuses only on avoiding probate and doesn’t include added protections for you, your spouse, or your children. Many attorneys don’t offer advanced, legacy-focused planning strategies, leaving an older trust with important gaps. The best way to know is to have your current trust reviewed for coverage areas like incapacity planning, asset protection, and long-term family safeguards—not just probate avoidance.

You can, but not every attorney offers more advanced legacy-focused planning beyond basic probate avoidance. If your goal is a more comprehensive plan with stronger protections for your family, you may need someone who understands estate planning and stays current with changes in trust and tax law. Some people choose an attorney affiliated with an estate planning organization that provides ongoing education and support for practitioners who focus heavily on these types of plans.

No. A family wealth trust can benefit many families, not just high-net-worth households. It can reduce probate-related costs, such as attorney’s fees and court expenses, and may help limit estate tax exposure in certain situations. It also provides major benefits during life by avoiding court involvement in the event of incapacity. In addition, it can protect children’s inheritances and help preserve assets if a surviving spouse later remarries.

Yes, but experience matters. While any licensed attorney may be able to draft a trust, it’s often best to work with someone who focuses on estate planning. Estate planning laws and rules change over time, and attorneys who work in this area are more likely to stay updated. Some people look for professionals who regularly complete continuing education in estate planning so that their documents reflect current legal requirements and best practices.