Long Island Irrevocable Trust Lawyer

About Irrevocable Trusts

When planning for future circumstances or in providing for beneficiaries such as familial relations, children or other individuals, trusts are utilized to bypass probate and other proceedings at the time of death to ensure the named beneficiary receives the benefit of the property in question. Whenever a trust is created, a trustee is named to care for the property and ensure that the affairs of the estate are handled in the best interests of the beneficiary.

When you create an irrevocable trust, no changes can be applied to a trust without certain special unforeseen circumstances, protecting the assets meant for a beneficiary and the grantor from tax responsibilities. This also applies to revocable trusts, which become irrevocable at the time of the grantor’s death. With the help of a Long Island estate litigation attorney you can ensure your estate plans are executed properly, with reduced chances of any future complications.

The primary benefit of a trust is the protection of the property from probate proceedings in the event of the death of the grantor of the property. This can protect from certain taxes and fines involved with probate as well as keeping matters involving the state of the property private, instead of becoming accessible in a publicly available record. Another enormous benefit of an irrevocable trust is that the property will be exempt from the grantor’s tax bracket, which has the potential to result in lesser taxes, depending upon the tax bracket of the beneficiary.

Irrevocable Trust Lawyer Serving Roslyn, Garden City, Hewlett, Woodbury, Great Neck, Queens & Jamaica Estates

At Jonathan E. Kroll & Associates, PLLC, we have significant experience in handling matters involving trusts. We understand the complexities and stress that can result in trying to plan your real estate future, and can help you by making the requirements and legalities easier to understand, while ensuring the validity and accuracy of the trust agreement.