Rockland County Trusts Lawyer

Rockland County Trusts Attorney

A trust is a powerful estate planning tool that you can establish either in conjunction with a will or in its place. Trusts have the ability to preserve your assets and wealth while helping you save on potential tax consequences. A trust can also help your family members avoid probate. In these situations, a Rockland County, NY, trusts lawyer is here to help.

Types of Rockland County Trusts

Trusts can be a valuable tool in a Rockland County estate plan, offering you control over the distribution of your assets, even while you are still alive. They can also ensure your loved ones are protected for generations to come.

In New City, NY, a trust can fall into one of two categories: either revocable or irrevocable. Both trusts are typically created by a will, but can also be made when the individual establishing the trust, or the grantor, is still alive.

• Irrevocable trust. Once this trust is created, it cannot be changed, and the assets placed within are no longer considered to be a part of the estate of the grantor.
• Revocable trust. This kind of trust can be changed while the grantor is still alive.

The team at Greco Law can help you establish many different kinds of trusts. These include:

• Living Trust. These trusts, typically revocable, are the most common types of trusts seen in Rockland County. These trusts own the assets placed within them and are often managed by a trustee. However, this trust is still under the control of the grantor until their death or until they wish to change or revoke it. Upon their death, it becomes irrevocable.
• Special Needs Trust. These types of trusts are established for the management of assets which are left to an individual or dependent with special needs. It can ensure that the dependent receives these assets without losing their public or government assistance.
• Inheritance Trust. This form of trust, also known as a family or testamentary trust, is a legal estate planning tool that allows the management and protection of assets for the benefit of specific heirs or trust beneficiaries after the grantor has passed.
• Asset Protection Trust. These trusts are created in order to help shield assets from potential creditors who may come calling after the grantor has passed.
• Other. Other trusts available to individuals in New City, NY, include marital trusts, charitable trusts, trusts for minors, spendthrift trusts, or irrevocable life insurance trusts.

Reasons to Choose a Trust Over a Will

There are many reasons why an individual would want to choose the establishment of a trust versus simply creating a will in New City, NY. Establishing a trust can allow your loved ones to:

• Avoid the lengthy and costly probate process following your death
• Have the privacy to mourn your passing while still dividing up the property of your estate
• Mitigate certain estate taxes and duties to potential creditors after your passing.

Speak With a Rockland County Trusts Lawyer Today

If you are interested in setting up a trust in New City, NY, the team at Greco Law can help. Contact us today to schedule an Legacy Planning Session with our estate planning attorneys and find out more about your options.