Long Island Trust Attorney

Assistance with Trusts in the Five Boroughs of New York

A Trust is normally set up to manage the distribution and availability of assets from the “grantor”, the person who has created the trust. Many times the trust is created through the person’s last will and testament. This type of a trust is known as a testamentary trust.

A Trust acts very much like a Will, as they both accomplish the goal of listing who you want to receive your assets once you pass away. It also allows for who will be the person that will manage your trust, the Executor. Setting up a trust can eliminate the need for probate of your will upon your death and can make the transfer of ownership of your assets and property more quickly.

There are many legal issues and complexities involved in setting up a trust properly. It is always advisable to obtain the services of a knowledgeable Long Island estate litigation attorney to handle this important matter for you.

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

In addition to avoiding probate, a Trust is also a good method of reducing or eliminating the estate tax. Anytime someone passes away, the IRS can assess an estate tax on assets that are transferred to another. Although there is a limit as to when the Estate Tax kicks in, with many people not being subject to it, if your estate does go over the allowed figure your beneficiaries can find themselves with large inheritance taxes. Setting up an appropriate Trust will be able to eliminate this concern and avoid a situation where the asset must be sold just to cover the taxes.

There are various other types of trusts, such as an Irrevocable Trust, Living Trust, Revocable Trust and other specific types for specialized circumstances. It is highly recommended that you retain our services in order for us to fully evaluate your personal and financial situation so that we may recommend the best estate planning for your circumstances.

Jonathan E. Kroll, Esq. is proud to provide legal representation for clients in the New York Metropolitan area, including Long Island, Nassau County, Suffolk County, New York City, Queens, Manhattan, Brooklyn, Long Island, Bronx, Staten Island, Westchester, Rockland Counties, and New Jersey.