New York Trusts Lawyers - The Matus Law Group
Administering a trust involves significant legal responsibilities and duties, which makes the guidance of a skilled lawyer essential.
Asset protection is not just for the elderly or the wealthy. If you own a home, savings, or even a growing business, setting up a trust can help keep those assets managed and passed on the way you want. It saves money and time. It also cuts down on probate headaches. Start sooner, and you get more peace of mind later.
At Matus Law Group, we take your family legacy seriously. For over twenty years, our New York trusts lawyers have helped people like you protect what they’ve built and pass it on with care. We design and implement trusts that fit your life so that inheritances are controlled, your privacy is protected, assets are harder for creditors to reach, estate taxes can be reduced, and probate is avoided.
Ready to talk through your options? Connect with New York estate planning attorney Kristine Carranceja-Gurski at Matus Law Group. Call (929) 412-1808 to schedule a consultation.
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, you work with NYC trusts lawyers who put you and your family first. Your hard-earned assets matter, today and long after you’re gone.
We can help you protect what you’ve built and set clear plans for who receives it later. Tell us your goals and your concerns. We can create the kind of trust that fits your life, so you feel confident that your wishes will be carried out and your loved ones will be taken care of.
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.
Trusts can be created with a variety of goals, including:
- 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 care for a dependent with special needs (using a properly drafted Supplemental Needs Trust so eligibility for means-tested benefits is preserved).
- 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 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. While typically not changeable by the grantor, New York law permits modification or even revocation in limited circumstances. For example, with the written consent of all beneficiaries (EPTL § 7-1.9) or through the trustee ‘decanting’ into a new trust under EPTL § 10-6.6. Whether trust assets are excluded from the grantor’s taxable estate depends on the powers the grantor retained; certain retained rights can cause inclusion under I.R.C. §§ 2036/2038. Properly structured irrevocable trusts are often used to reduce estate 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 trust that is 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 (Supplemental Needs) Trusts manage assets for a beneficiary with disabilities and, if drafted to meet EPTL § 7-1.12 and Medicaid rules, can preserve eligibility for means-tested benefits.
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 the beneficiaries of the first spouse and not to any new spouse.
Asset protection trusts
In New York, a self-settled ‘asset protection’ trust does not shield the grantor’s assets from creditors (EPTL § 7-3.1). Creditor protection is typically achieved with third-party spendthrift trusts for beneficiaries, not by a person putting their own assets into a trust for themselves.
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.
| Type of Trust | Control / Revocability | Purpose / Benefit |
|---|---|---|
| Bloodline trust | Generally irrevocable once created | Limits benefits to direct descendants and preserves family wealth |
| Revocable living trust | Grantor can change or revoke during lifetime; becomes irrevocable upon death | Avoids probate and allows management of assets during incapacity |
| Special needs trust | Usually irrevocable | Preserves eligibility for government benefits while providing support |
| Marital trust | Irrevocable after the first spouse’s death | Provides income to a surviving spouse and uses marital deduction |
| Credit-shelter or bypass trust | Irrevocable after funding | Reduces estate taxes by keeping assets out of the surviving spouse’s estate |
| Asset protection trust | Irrevocable or restricted | Protects assets from creditors, though limits apply in some states |
| Dynasty trust | Irrevocable | Preserves wealth across generations and reduces transfer taxes |
| Spendthrift trust | Irrevocable | Protects assets from beneficiary misuse and creditors |
| Standby trust | Revocable or conditional | Activates if the grantor becomes incapacitated |
| Charitable trust | Usually irrevocable | Supports charitable causes and provides tax benefits |
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 funded living trust generally allows assets to pass outside of formal probate, saving time and expense. Because distributions aren’t subject to the Surrogate’s Court probate process, the successor trustee can distribute according to the trust terms once lawful claims and administrative tasks are handled. Consequently, a will and a trust are often used together, as a will covers matters a trust does not.
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.
How to Set Up and Fund Your Trust in New York
Here is the simple way to set up and fund your trust in New York. First, pick the type that fits your goals, usually revocable for flexibility or irrevocable for stronger protections. Name a trustee and a backup. List your beneficiaries and what each will receive. Then have a New York trusts lawyer draft the trust agreement so it says exactly how the trustee should manage and distribute your property. New York law requires a lifetime trust to be in writing and either signed and acknowledged like a deed or signed in front of two witnesses. If you are the only trustee, you sign for yourself; if not, at least one trustee also signs.
Next comes funding. A trust only works for assets that are actually transferred to it. Simply saying in the document that the property is in the trust is not enough. For assets that can be registered, such as real estate, bank or brokerage accounts, you must change the title into the name of the trust or trustee. For other assets, use a written assignment that describes the item clearly.
For your home, a new deed is prepared naming the trustee as grantee, then signed, acknowledged, and recorded with the county clerk. For financial accounts, open or retitle accounts to the trustee’s name. For life insurance or retirement accounts, update beneficiary forms if you want the trust to receive them. For valuable personal property or business interests, sign an assignment into the trust. You can place many kinds of property into a trust, from bank accounts and securities to real estate and personal items.
The Matus Law Group can draft the documents, oversee proper signing, prepare deeds and assignments, and coordinate with banks and transfer agents so your trust is set up and funded the right way the first time.
The Matus Law Group NY Trusts Lawyers Explain What a Trust Attorney Does
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.
Overseeing a trust is a serious and legally detailed responsibility that calls for guidance from a lawyer with substantial knowledge in this area of law. A trust attorney can help the trustee administer the trust by aligning tasks with New York fiduciary duties, including:
- Keeping beneficiaries reasonably informed and providing accountings (and judicial accountings if compelled under SCPA § 2205)
- Keeping the trust property segregated
- Investing under the Prudent Investor Act
- Obtaining date-of-death values and appraisals
- Preparing and filing required tax returns
- Addressing beneficiary claims or disputes.
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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- Matus Law Group | Estate Planning Attorney and Special Needs Trust Lawyer | Trusts Law Firm - New York City
- Address: 222 Broadway Fl 22,
New York, NY 10038 - Phone: 1 (929) 412 - 1808
