Trusts can be a powerful and flexible estate planning tool. While basic wills serve to dictate how assets are passed onto the next generation, there are many protections they simply cannot provide. At Daniels, Porco & Lusardi, LLP, in New York’s Hudson Valley, our attorneys frequently recommend trusts for the purposes of:
We are conscious of the cost of planning your estate. The goal is to protect your assets, not to deplete them in the process. We recommend only the estate planning tools that are necessary to accomplish your goals. That means discussing your goals with you and educating you about all available options. We frequently recommend trusts in unique situations, where you want to accomplish more than simply naming who gets what property. For example, we may recommend a trust in cases where a beneficiary could benefit from having assets distributed over time or at the discretion of a third-party trustee, where a beneficiary desires to minimize estate taxes upon his or her death or when a beneficiary has special needs and a lump-sum inheritance may jeopardize his or her eligibility for government benefits.
There is much more to adding a trust to an estate plan than choosing the right type of trust and creating it. Unfortunately, that is where many lawyers stop. We make work with our clients on proper funding of your trust, meaning the assets are transferred into the trust, so you get the intended protections from its creation.
For more information about trusts, call us at 845-350-2837. You can also contact us by email.