Minimizing Taxes, Maximizing Assets Through Trusts
Protecting your assets is important for all New York families, no matter your income. Many people believe, mistakenly, that trusts are for only very wealthy individuals. This is a misconception: Nearly everyone can benefit from incorporating trusts into their estate plan.
If you are curious about establishing a trust, you can find counsel at The Wills & Trusts Firm, LLP. Since 2005, our New York estate planning attorneys have provided flat-fee, knowledgeable counsel in all aspects of estates, trusts and asset protection.
All About Asset Protection And Trusts
With proper trust-based planning, a properly funded trust can avoid probate. This means less stress for your loved ones, as probate can become a drawn-out and exhausting legal process. Some examples of common estate planning trusts include:
- Revocable Lifetime Trust: A Living Trust can help you during your life and help avoid the probate process after your passing.
- Irrevocable Life Insurance Trust (ILIT): A trust created during your lifetime that owns and controls a life insurance policy (term or permanent) and manages the benefits distributed upon the insured’s passing.
- Medicaid Asset Protection Trust (MAPT): This type of trust protects a Medicaid applicant’s assets from being counted for eligibility purposes and can assist in the case that someone who would not qualify for Medicaid to become eligible and obtain the health care they require.
Placing assets in certain trusts can reduce your taxable estate. Because we have dealt with many different types of clients, family structures, personal preferences, we understand that it is important to ask the question behind the question, and at our firm we build plans that, accordingly, are robust over time for other issues that may come up.
Schedule A Consultation Today To Protect Your Assets
The Wills & Trusts Firm, LLP, is the firm to serve you when you want to combine excellent service with flat-fee pricing. To learn more, please contact our NYC office to schedule a consultation. Call 347-201-3850 or use our online contact form to begin.