Brooklyn trust planning lawyer Yana Feldman (https://yanafeldmanlaw.com/how-does-a-trust-work/), of New York Legacy Lawyers, has recently published an insightful article titled ‘How Does A Trust Work?’. The article offers an in-depth look at the importance of trusts in estate planning and serves as a valuable guide for those looking to understand the complexities of trusts.
In the first few lines, Feldman, the Brooklyn trust planning lawyer, emphasizes the value of trusts as estate planning tools. She explains the various scenarios in which trusts tend to be utilized, such as funding college education for children or grandchildren, providing a down payment for a business or home, or even as a safety net for assets as one ages.
The Brooklyn trust planning lawyer further explains, “Trusts are incredibly versatile financial tools that will offer long-term benefits to those who receive them. A skilled estate planning attorney can help individuals understand how trusts can assist in achieving their estate planning goals.”
The article then delves into the specifics of placing assets in a trust, underscoring the distinction between living trusts and testamentary trusts, both of which hold unique advantages.
“Living trusts are established during an individual’s lifetime and allow them control over the assets within the trust, while a testamentary trust is established after their death as part of their last will,” Feldman clarifies. “Both types of trusts serve to ensure that the chosen beneficiary receives their portion of the estate in the manner set within the will.”
Quoting directly from the trust planning lawyer, Yana Feldman, she explains, “The beauty of trusts is that they allow individuals to maintain control of their assets. As long as one is alive, they will have access to the assets held within the trust. This gives individuals the flexibility to add or remove things as needed or even close the trust if circumstances change.”
Feldman further emphasizes the role of trusts as part of a will, outlining their utility in providing for the needs of loved ones in a structured and secure manner. She provides practical examples of how trusts can be used to secure the futures of young children or grandchildren, or even to establish a college fund.
The Brooklyn trust planning lawyer explores the intricacies involved in naming a trust and the importance of consulting a knowledgeable estate planning attorney. Feldman also sheds light on what happens when one co-trustee dies, explaining that the responsibilities transition to any remaining co-trustees or to a successor trustee.
To gain a deeper understanding of the multifaceted world of trusts and estate planning, consider delving into Yana Feldman’s insightful article. It serves as a valuable guide to understanding trusts, their benefits, and the process involved in establishing one. Feldman encourages anyone seeking assistance with estate planning to reach out to a qualified attorney without hesitation.
About New York Legacy Lawyers:
New York Legacy Lawyers is a Brooklyn-based law firm focused on estate planning and trust planning. Led by Yana Feldman, the team aims to simplify the complex world of estate planning for their clients. The firm believes that trusts are just one of many financial resources that can be used to secure the future of loved ones and is dedicated to assisting families in navigating this intricate area of law. The team’s commitment to offering personalized advice has made them a trusted partner for families seeking to secure their financial futures.
Embeds:
Youtube Video: https://www.youtube.com/watch?v=li_aFlZd03M
GMB: https://www.google.com/maps?cid=16408561942605909937
Email and website
Email: yana@yanafeldmanlaw.com
Website: https://yanafeldmanlaw.com/
Media Contact
Company Name: New York Legacy Lawyers by Yana Feldman & Associates PLLC
Contact Person: Yana Feldman
Email: Send Email
Phone: (718) 713-8080
Address:132 32nd St
City: Brooklyn
State: New York 11232
Country: United States
Website: https://yanafeldmanlaw.com/