Westchester County Inheritance Trust Lawyer

Westchester County Inheritance Trust Attorney

Inheritance trusts, also known as family or testamentary trusts, can be an important tool for wealth management and estate planning, especially for families with multi-generational wealth. These trusts can appear complicated on the surface, but a lawyer from Greco Law can assist with setting up and managing these trusts. We can also review your unique situation and help determine if a Westchester, NY, inheritance trust is right for you.

What Is an Inheritance Trust in Westchester, NY?

At its core, an inheritance trust is a legal arrangement that helps manage and protect the assets held within for the benefit of named heirs or beneficiaries after the passing of the grantor.

The main purpose of an inheritance trust is to ensure that there is a controlled and efficient division and distribution of allocated assets. These assets most often include those of financial value, real estate property, or valuable personal belongings.

Each inheritance trust is unique and allows various levels of tax benefits, asset protection, creditor protection, and overall control. Inheritance trusts can come in two forms: revocable or irrevocable.

In a revocable trust, the individual who establishes the trust can still maintain control over it during their lifetime, changing it or even revoking it based on their needs and the needs of the beneficiaries. In an irrevocable trust, the grantor cannot modify or cancel the trust. This form is more often protected against legal disputes or creditors.

There is a third form an inheritance trust can take, and while less common than an irrevocable or revocable trust, can still be used to the benefit of the heirs. This is known as a generation-skipping inheritance trust and is used to avoid the repetition of estate taxes.

Reasons Why an Inheritance Trust May Be Right for You

The most valuable reason for an inheritance trust is that it allows you a strong shield of protection for the assets held within the trust. When assets are placed into an inheritance trust, it protects them from potential creditors, legal claims, and even specific tax liabilities. This can help ensure that your beneficiaries receive their inheritance in full without having to face unplanned financial challenges or have their inheritance eroded by these challenges.

Another reason for the establishment of an inheritance trust is that it allows you to maintain certain control over your assets and their distribution following your death. With this trust in place, you can lay out specific guidelines and timelines for when and how your assets will be divided among your heirs. An inheritance trust has the ability to offer you both control and flexibility to ensure the financial responsibility of your heirs and provide for their future.

Speak With a Skilled Westchester County Inheritance Trust Lawyer

If you believe an inheritance trust might be the right choice for you and your estate plan, the attorneys at Greco Law can guide you through its legal establishment. Contact our offices today and set up an Legacy Planning Session to meet with one of our White Plains, NY, estate planning attorneys.