How can a trust fund lawyer help me with estate planning? 

Trusts are legal tools that can direct money and assets to a person or organization. The person who sets up the trust is known as the grantor, and the people or organizations that benefit from it are called beneficiaries. A trusted trust fund lawyer can help you determine which type of trust is best for your estate plan. They can also assist with creating and funding the trust, and they can oversee any necessary administration. 

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A trust may be used to transfer cash, real estate and other property to a trustee for the benefit of one or more beneficiaries. Often the trustee will manage the trust funds according to a set of instructions, which can be detailed in a trust document. The trustee is required to file tax returns on taxable income distributions from the trust and distribute trust reports (K-1s) to beneficiaries. The trustee must also make certain that the trust is kept in compliance with any applicable law or regulation. 

A living trust can be used to avoid the expensive and time-consuming probate process, which is a requirement for most estates. A trust can also help reduce or eliminate estate taxes, which are levied by the federal and state governments on the value of a deceased individual’s property. A knowledgeable living trust attorney can review your options for reducing or eliminating these taxes to help you save as much money as possible. 

Depending on the type of trust you set up, it can contain a wide variety of conditions that dictate when and how assets will be distributed. For example, many grantors choose to put a condition in their trust that stipulates a specific age at which their children or grandchildren will inherit the trust’s assets. These kinds of stipulations are commonly referred to as “generation-skipping transfers.” Working with a skilled living trust lawyer can help ensure that your wishes are carried out in accordance with your local laws and regulations. 

Another reason to work with a living trust attorney is that they can help you set up a trust that protects the assets in it from creditors and from being used to satisfy a beneficiary’s debts or liabilities. The attorney can include language in the trust that prevents a beneficiary from having unrestricted access to the trust assets and income, which is an important safeguard if you have concerns about a beneficiary’s ability to responsibly manage and spend the inheritance you are giving them. 

The process of setting up a trust can be complex and time-consuming, especially if you have multiple assets to transfer and if the trust contains any special stipulations. A trust fund lawyer can streamline this process, making it easier and less costly for you and your family. A qualified NYC trust lawyer at Chaves Perlowitz Luftig LLP can answer your questions and provide you with advice on which type of trust is right for your estate plan. Contact us today to schedule a consultation.