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Estate planning is a process that should ideally start when you are still fairly young, and continue throughout your life. For most people, the first step is having a simple Last Will and Testament put in place, and then from there, add additional options over time. As your estate grows and evolves with you and your family, you will need to have trusts in place to help avoid probate, ensure privacy, prevent contest, protect your assets, minimize expenses, and minimize/defer death tax exposure. Learn more about Wills and trusts to see what type of testamentary planning you may benefit you and your family.
Trust is a legal entity in which you can place certain assets to accomplish specific goals. There are many different types of trusts, each used for different purpose. The following is the most common type of trusts:
Revocable Trust – This is a trust that you can make changes to at any time, or even be revoked the trust entirely. It is used for testamentary planning to avoid or ease the process of probate.
There are many other types of trusts to consider based on your specific circumstances, goals and needs. Whether you need to have a Will created, a trust created, or both, we are here for you. Please contact us at 516-308-0537 to speak with an attorney and get the estate planning help you need.