New York Trusts Lawyers The Matus Law Group - New York Trust Lawyer Christine Matus

The administration of a trust is a responsible and legally complex undertaking which requires the help of a skilled lawyer.

Asset protection is not only for the elderly or the wealthy. For anyone with assets, estate planning (specifically creating a trust), ensures that those assets are managed and distributed in accordance with your wishes while also saving money, time, and probate headaches. In fact, the sooner you take steps to ensure the safety of those assets with a professionally crafted trust, the more peace of mind you can have going into the future.

At Matus Law Group, our law firm takes family legacy very seriously. For over two decades, our dedicated trust lawyers and estate planning attorneys have provided legal advice regarding the preservation, protection, and transfer of those assets. One of the ways we do this is through the design and implementation of a trust. Depending on your unique needs, we create trusts to control inheritances, ensure privacy, protect assets from creditors, reduce estate taxes, and avoid probate. To make an appointment with a top-rated New York trust attorney Kristine Carranceja-Gurski, call now (929) 412-1808.

We Are Here To Help

With over 20 years of experience, we are been New Jersey’s prominent estate planning lawyers. Here to assist in the matters of estate planning, estate administration, probate matters, special needs planning, elder law and Medicaid planning, and more. Contact Matus Law Group, headed by a top-rated estate planning Attorney Christine Matus to schedule a consultation today.

Getting Critical Estate Planning Assistance

At the Matus Law Group, our experienced NYC trusts lawyers are dedicated to your future and that of your loved ones. We take your legacy seriously, ensuring that your hard-earned assets are protected when you need them and are there for your loved ones after you are gone. Depending on your specific needs, the estate planning lawyers at The Matus Law Group can create trusts of all kinds so you can rest assured that your legacy will live on.

New York Trust: When Do Families Create Trusts?

A trust is simply a legal fiduciary relationship where there are three specific roles. The Trustor or Grantor places assets into the trust for the benefit of Beneficiaries at some point in the future. The trust is then managed and administered by a Trustee. All three of these roles can be played by different or multiple people or the same person, depending on the type of trust.

Trusts also give directives for how assets and real estate must be administered upon the grantor’s death. The trustee is responsible for the assets in the trust and disbursing them according to those directives.

A trust can be created with a variety of goals. They can:

Protect assets if you become ill or incapacitated
Preserve assets for your children after you are gone
Distribute assets to beneficiaries according to your wishes after your death
Avoid probate
Avoid or reduce estate taxes
Ensure for the care of a dependant with special needs
Protect assets from a beneficiary’s creditors
Provide income for a surviving spouse
Ensure that your estate matters are kept private
Set out specific requirements for beneficiaries to receive assets

A trust can be made a component of a will or a separate entity altogether, depending on the situation. Because there are many different types of trusts with very unique goals, you should discuss your needs fully with an experienced New York City attorney who can advise you of your best options. The lawyers at The Matus Law Group may be able to help. Call us today for a consultation and start planning your future (929) 412-1808.

Types of Trusts

Trusts will fall into two main categories: revocable and irrevocable.

A revocable trust is a living trust (one that is created during the grantor’s lifetime). It allows the grantor to revoke or change the terms of the trust during their lifetime. It then becomes irrevocable upon the grantor’s death.

Most revocable trusts are used to avoid the cost and delay of probate and allow for the management of assets in a safe and definable way. Because the grantor retains control of the trust, however, the assets in the trust remain part of the grantor’s estate and may still be subject to taxes, depending on the type of trust.

An irrevocable trust can be testamentary (created by a will) or living. Once the trust has been established, it cannot be changed or revoked. In this case, the assets are no longer considered part of the grantor’s estate. Because of this, irrevocable trusts are often used to reduce taxes.

There are many different types of trusts, including:

Bloodline trusts

A trust that benefits only your direct descendants and passes your wealth securely to future generations, your children and grandchildren, and so on. A bloodline trust does not include spouses or family members not related by blood.

Revocable living trusts

Revocable living trusts are the most common type of trusts that are used in estate planning. These separate entities own the assets in them and are managed by a trustee. A revocable living trust is still under the control of the grantor until death or until the grantor changes or revokes it. It allows the grantor to set out how the assets will be managed or distributed upon their death. A revocable living trust will become irrevocable upon the death of the grantor.

Special needs trusts

Special needs trusts manage assets that are left to a special needs dependant while ensuring that they will not lose any public or government assistance.

Marital trusts

Marital trusts provide income for a surviving spouse in order to take advantage of the unlimited marital deduction laws.

Credit-shelter or bypass trusts

These trusts are often created after the death of a first spouse. The assets are held separately from the surviving spouse to ensure that they are passed on to beneficiaries of the first spouse and not to any new spouse.

Asset protection trusts

Asset protection trusts are created to shield assets from potential creditors.

Dynasty trusts

Dynasty trusts are created to pass family wealth to future generations while protecting the transfers from taxes.

Spendthrift trusts

Spendthrift trusts allow assets to be passed on to beneficiaries while setting out restrictions on how and when the beneficiary may use those assets.

Standby trusts

Standby trusts allow the trustee to manage assets should the grantor become incapacitated.

Charitable trusts

A trust can be fully customized by an experienced New York City trust lawyer to accommodate your specific needs and financial goals. Contact a team of trust lawyers at (929) 412-1808 to schedule a consultation.

Who Needs Trusts?

Many individuals have the misconception that trusts are only used in the realm of the wealthy and give them little consideration. While most understand the need for a will, few appreciate how a Trust may be even more important.

While both instruments are important in transferring property, a trust allows assets to pass to beneficiaries outside of probate, saving money and a great deal of time. Assets distributed to beneficiaries through a trust may be passed on immediately by the trustee without waiting for the courts. Consequently, a will and trust are often made in harmony with each other, as a will provides for matters that a trust cannot.

We Are Here To Help:

To decide if a first-party or a third-party is a better fit for your loved one, call to speak with Kristine Carranceja-Gurski, new york trust attorney today (929) 412-1808.

The Matus Law Group Ny Trusts Lawyers Explain What A Trust Attorney Do

Your future and the future of your beneficiaries are always paramount concerns when planning your estate. You want to trust that your estate is structured in the best possible way. Many trusts ensure your ability to have access to your assets while you are alive and then have them distributed to your beneficiaries in the most advantageous way for them when you are gone. In this way, you can ensure guardianship for your loved ones. This requires the skill of a New York City trusts attorney who fully understands the legal implications of the trust while fully considering the best interests of all involved.

A skilled trusts attorney will discuss your needs, how you want assets and the estate distributed, and help you understand the financial and tax consequences. Your lawyer can answer complicated legal questions, advise you of the various trust options available when it comes to your estate, and explain the financial ramifications of these options. This enables you to control your wealth while protecting your legacy from creditors and taxes.

The administration of a trust is a responsible and legally complex undertaking that requires the help of skilled lawyers. A trusts attorney can assist the trustee with the administration of the trust after your death by:

Ensuring compliance with all state and federal laws as they apply to the trust
Notifying all interested parties, including beneficiaries, government agencies, financial institutions, and other entities, of your death
Assessing values and having assets appraised
Reconciling financial income and debt
Filing and paying appropriate taxes
Handling litigation if anyone contests the trust

If you have no one that you feel comfortable appointing as trustee to take care of your estate, you may consider naming a professional fiduciary to act in this capacity and that’s when you would need the help of a lawyer. An experienced trusts lawyer is well equipped to handle the details of managing your trust and distributing assets after your death consistent with the terms of your trust.

Getting The Help Of An Experienced New York Trusts Lawyer

Making plans for after you are gone can be an emotional undertaking. Each client brings their own concerns and unique circumstances to the table.

At The Matus Law Group, we can help. Our experienced New York City trust lawyers have served families just like yours for over two decades with sensitivity and dedication. Our skilled lawyers are happy to answer your questions and concerns and offer options for your unique needs. Contact us online or call us at (929) 412-1808 to schedule a consultation.

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