New York City Living Trust Attorney

New York City Living Trust Lawyer

As a resident of New York City, planning your estate in the hustle and bustle of Queens, Brooklyn, or Manhattan can be stressful. Many folks may be operating under the assumption that they don’t have enough wealth or are not old enough to start thinking about the future of their estate. The opposite could not be more true. No matter your age or wealth status, a New York City living trust attorney can help you manage your financial affairs for the future.

At Greco Law, P.C., we are passionate about the stability and security of your legacy. Our team has been helping clients through every step of the estate planning process for decades, and we are ready to turn our attention to you. One of the most vital pieces of an estate today is the creation of a living trust, especially for individuals living in NYC. This trust can protect what you have worked so hard to build, and we are here to help you avoid probate & protect assets.

Defining a Living Trust in New York City

In New York City, a living trust is a legal arrangement created to protect an individual’s wealth and assets, including any money or property. It can also allow the individual to allocate these assets in a way they see fit after their passing. Living trusts work to easily distribute and transfer assets to your beneficiaries while you are still alive. However, when an individual passes, the distribution process can be simplified and even bypass probate.

Before we dig into what these trusts are, however, it can be helpful to understand the key roles that make up a trust. There are several important individuals who will be involved in your NYC living trust, including:

• The Grantor. This is the individual who establishes the trust. They are responsible for transferring their assets into the trust and outlining all of their wishes and the terms of said trust.
• The Trustee. This is the individual or entity who manages the trust and the assets held within it according to the terms laid out by the grantor. In some cases, the trustee may be the grantor themselves. You may also wish to name an individual as a successor trustee, meaning they will be in charge of managing the trust if the trustee becomes incapacitated and unable to do so or upon their death.
• Beneficiaries. These are the individuals or entities who will benefit from the assets held within the trust. Beneficiaries tend to include spouses, children, or other loved ones of the grantor or a charitable organization that the grantor was passionate about.

There are two main forms of living trusts available to folks living in New York City. These include:

Revocable Living Trusts

Revocable living trusts tend to be the most common and flexible of the two types of trusts. The grantor of a revocable trust can change or revoke it at any time. This means that they retain the power to terminate the trust completely, place more of their assets into the trust whenever they wish, alter the beneficiaries of the trust, and even sell off property held within the trust.

Once this individual has passed away, the trust automatically becomes irrevocable and is placed into the management of the trustees appointed by the grantor prior to their death.

Irrevocable Living Trusts

Once an irrevocable trust is created, it cannot be terminated or changed in any way. Similar to a revocable trust, the ownership of property is transferred into the trust. However, once this act has been completed, the grantor’s ability to make any edits or changes becomes nearly impossible and especially challenging.

Typically, changes of this nature can only occur if there is an agreement made and signed with the trustee and the beneficiaries or through a court order. These trusts can help folks avoid certain tax liabilities since they would be removed from the taxable estate.

With a median household income totaling nearly $80,000 in New York City, having a trust in place is a wise decision and can benefit the success of your overall estate while working to protect your initial interests and the future stability of your loved ones.

The Benefits of a Living Trust in NYC

Establishing a trust within your overall estate plan in New York City can have a wide range of benefits. If you are wondering if a living trust is right for you and your loved ones, now is the time to reach out to an attorney at Greco Law, P.C. We can review the details of your estate and help determine if the establishment of a living trust would benefit you.

In New York City, creating a living trust can have the following benefits:

• You remain in control. Living trusts offer you more control over the distribution of your assets than traditional wills. You can retain the power to precisely state how and when the beneficiaries of your trust receive their inheritance. This can be especially beneficial in situations where beneficiaries are still young or irresponsible, or have specific financial needs.
• Less chance of disputes. When an estate plan only includes a last will and testament document, these documents are more likely to face disputes or contests from beneficiaries or other parties who may think that they are not getting what they are owed. A trust allows for a more formal and secure way of ensuring that beneficiaries are given what they are supposed to have, and no argument needs to arise.
• Money is saved. With the establishment of a trust, you can save money and reduce your estate tax liabilities. This can help you avoid unnecessary court costs as well.
• Potentially bypass probate. The most significant benefit of creating a trust is that it can help your loved ones avoid the lengthy and expensive probate process after your death. In fact, probate can cost up to 10% of an individual’s estate. Avoiding probate can save time and money and ensure that the handling of your estate and all that is held within remains private and confidential.

Typical Assets Held Within an NYC Living Trust

Many types of assets can be held in a living trust in NYC. Common assets that are ideally suited for being held in a living trust include the following:

• Real estate. This might include your home or any vacation properties you may own outside of the city. It can also include any residential rental properties you may own or any business rental properties under your control and ownership.
• Liquid assets. These assets might include your everyday checking account, savings account, money market funds, or Certificates of Deposit. To place these in a trust, you will need to retitle them so that they are held in the name of your trust rather than in your name.
• Investment accounts. This can include accounts such as stocks, bonds, mutual funds, or other similar securities.
• Personal property. These assets can include all your physical personal items, such as fine jewelry, artwork, collectibles, and vehicles.
• Business interests. If you own a business in the city, your ownership interests should be considered when it comes to funding your trust. However, it is crucial to meet with an attorney before doing so to ensure you do not trigger any unwanted tax liabilities or violate an existing business agreement.

FAQs

Q: How Much Does a Living Trust Cost in NYC?

A: It can be difficult to offer an exact number as to how much it may cost to set up a living trust in NYC. This is due to the fact that there are many variables that can come into play in these cases, all of which can impact the final costs involved. These variables can include the complexity of your estate, how long it takes to create the trust, and the kinds of assets you wish to place in the trust.

Q: Should I Still Create a Will if I Have a Trust?

A: Yes, you should still create a will if you have a trust. It can be just as important to establish a legal will as it is to establish a trust. In your will, you can name individuals to act as guardians to any minor children should you die before they come of age. You will also name an executor in your will and offer instructions on how taxes and debts will be paid.

Q: How Can I Choose a Trustee in New York?

A: When you are choosing a trustee, it is vital that you select someone you believe is trustworthy and reliable. It is also important to choose an individual you believe can handle the duties of their role. A trustee will have a lot of control and power over the items held within your trust, so it is important to choose the right person for the job.

Q: What Are Some Common Misconceptions Regarding Trusts?

A: There are several common misconceptions regarding trusts. These can include the thought that only wealthy individuals need to create trusts, that trusts only benefit heirs, and not the individual who established it, that a trust will automatically help your heirs avoid probate, that creditors to your estate will never be able to touch your trust, and that it costs an exorbitant amount of money to create a trust.

Speak With a Trusted Estate Planning Attorney in NYC Today

If you are wondering whether a living trust might be right for you, contact the office of Greco Law, P.C. today. With offices in NYC, Westchester, and Long Island, we are here to serve individuals from all walks of life. Call today to schedule your consultation.