A trust is one of the most effective legal tools in the American estate planning system. Unlike a simple will, a trust allows you to pass assets to your loved ones without probate — saving time, money and stress.
Many families in New York don't realize how important establishing a trust can be — especially if they own real estate, have savings, or run a business. Our office helps you choose the right type of trust and properly transfer assets into it.
Benefits of establishing a trust
- Avoiding probate — assets held in trust pass to beneficiaries without costly, time-consuming court proceedings.
- Estate tax protection — the right trust structure can significantly reduce the tax burden on your heirs.
- Protection from creditors — trust assets are shielded from claims against beneficiaries.
- Protection from care costs — an irrevocable trust can protect assets from nursing home expenses.
- Privacy — unlike a will, a trust is not a public document.
- Control over distribution — you decide exactly when and how your heirs receive the assets.