Revocable Trust Attorney on Long Island

What is a Revocable Living Trust?

Whenever you utilize estate planning to provide for your family or to take a proactive approach towards the future, the use of trusts can be extremely helpful. When there are properties or assets that you want to protect from probate, trusts will allow you to designate a beneficiary to whom the property will immediately revert in the case of death.

Creating a revocable trust will allow you to handle these matters privately, instead of allowing them to be handled publicly through probate. If you are considering using trusts and would like flexibility in handling the details of the trust, you should acquire legal guidance from a Long Island estate litigation lawyer who will be able to assist you in creating your trust.

The primary benefits of revocable living trusts include the flexibility of being able to alter your trust and retaining protection from probate in the event of the grantor’s death, which can help you avoid or reduce some taxes and protect your privacy, as well as avoiding expensive probates fees. Unfortunately, unlike irrevocable trusts, revocable living trusts do not remove the property from your name, which will leave the grantor (the person who created the trust) responsible for applicable taxes on income or federal property taxes.

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

Real estate planning and long term financial plans that take death into account are difficult and complex matters that should only be handled by an attorney experienced in handling these types of cases. In order to ensure that your desires are executed properly and that your property will be protected from probate while allowing you flexibility for future changes, it is advised that you speak with an attorney at Jonathan E. Kroll & Associates, PLLC. With our help, you can both create and alter your trusts with the experience and knowledge of our legal teams guiding you.