Long Island estate planning attorney Seth Schlessel (https://www.schlessellaw.com/what-long-island-residents-should-know-about-irrevocable-trusts/) of Schlessel Law PLLC has recently published an informative article detailing the critical aspects of irrevocable trusts that residents should be aware of. The piece, aimed at unraveling this complex area of estate planning, provides valuable insights into the nature of irrevocable trusts and their role in effective asset management and protection.
The Long Island estate planning attorney offers a comprehensive look at how irrevocable trusts can serve as an essential tool in one’s estate planning. He emphasizes the importance of understanding the differences between revocable and irrevocable trusts, particularly how they are managed and the level of control that the grantor retains after establishment.
“Irrevocable trusts are a cornerstone of estate planning for those looking to secure their legacy and protect their assets from various external factors,” says the Long Island estate planning attorney. “Once set up, these trusts stand as a testament to the grantor’s wishes, offering protection against lawsuits, judgements, and certain claims from government agencies.”
The article provides a clear distinction between the two primary types of irrevocable trusts: the irrevocable living trust and the irrevocable testamentary trust. Schlessel explains that while both serve to safeguard assets and avoid probate, they are activated under different conditions and serve unique purposes. He also introduces the concept of Medicaid Asset Trusts, designed to assist with long-term care expenses while protecting assets.
The piece goes on to provide a step-by-step guide on setting up an irrevocable trust in New York, highlighting the importance of defining the trust’s purpose, selecting appropriate assets, choosing a trustee, and identifying beneficiaries. It underscores the necessity of working with a knowledgeable estate planning attorney to navigate the complexities of trust creation and administration.
Seth Schlessel provides insights into what happens to an irrevocable trust upon the grantor’s death, assuring that the trust’s administration remains largely unaffected, thus ensuring continuity and protection of the beneficiaries’ interests. Furthermore, he touches on how irrevocable trusts can help mitigate gift and estate tax implications by separating trust assets from the taxable estate.
The Long Island estate planning attorney encourages local residents to proactively consider their estate planning needs. Schlessel advises, “It’s crucial to contemplate how the assets will serve loved ones and to take steps to protect the estate.”
For individuals on Long Island considering the establishment of an irrevocable trust or other estate planning measures, Schlessel Law PLLC stands ready to offer guidance and legal counsel.
About Schlessel Law PLLC:Schlessel Law PLLC is a distinguished law firm based in Long Island, New York, with a focus on estate planning and elder law. The firm’s dedicated team, led by attorney Seth Schlessel, is committed to providing clients with tailored advice and representation, ensuring their estate planning goals are met with the utmost care and professionalism. With a client-centered approach, Schlessel Law PLLC strives to deliver solutions that preserve assets, minimize taxes, and provide for the future generations of families on Long Island.
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