Long Island estate planning attorney Seth Schlessel (https://www.schlessellaw.com/what-long-island-residents-should-know-about-irrevocable-trusts/) of Schlessel Law PLLC has recently published an insightful article titled “What Long Island Residents Should Know About Irrevocable Trusts.” This comprehensive piece delves into the intricacies of irrevocable trusts and offers valuable guidance for individuals considering this estate planning tool.
In his newly released article, Long Island estate planning attorney Seth Schlessel outlines the fundamental aspects of irrevocable trusts, emphasizing their role in managing and transferring assets. According to Schlessel, “A trust creates a vehicle that will hold certain assets. A trustee will then manage those assets on behalf of the beneficiary or beneficiaries of the trust.” He further explains that irrevocable trusts can help avoid probate and ensure that beneficiaries, including those who may be irresponsible or disabled, receive financial support.
Long Island estate planning attorney Seth Schlessel's article also highlights the types of irrevocable trusts available in New York. He discusses the Inter Vivos or living trust, which is activated during the settlor’s lifetime, and the irrevocable testamentary trust, which becomes active after the settlor’s death. Schlessel advises, “When creating an irrevocable trust in Nassau County or Suffolk County, it is important to seek the help of an experienced Long Island Trust lawyer to help ensure that your documents are correctly drafted.”
The article provides a detailed overview of the steps involved in establishing an irrevocable trust in New York. Schlessel underscores the importance of defining the trust’s purpose, selecting appropriate assets, choosing a trustworthy trustee, and clearly identifying beneficiaries. He notes, “Enlist the support of a dependable attorney, as they will compose the trust document tailored to your particular needs and circumstances.” Schlessel’s article emphasizes the critical role of a Long Island estate planning attorney in navigating the complexities of setting up an irrevocable trust.
Seth Schlessel’s article also addresses what happens to an irrevocable trust when the grantor dies, illustrating how the trust’s administration generally continues as specified in the trust agreement. Schlessel explains various scenarios, such as the funding of a Qualified Terminable Interest Property (QTIP) trust upon the creator’s death and the distribution of death benefits through an irrevocable life insurance trust (ILIT).
Additionally, Schlessel explores how irrevocable trusts can alleviate gift and estate tax liabilities by keeping trust assets separate from the taxable estate. “Trust entities can hold a wide range of assets, including real estate and financial accounts,” he states. Schlessel advises readers to consult with a Long Island estate planning attorney to fully understand the implications and benefits of setting up such a trust.
The article does not shy away from discussing the potential pitfalls of irrevocable trusts. Schlessel points out the significant drawbacks, such as the inflexibility of these trusts and the loss of control over the assets once they are placed in the trust. He cautions, “This immutability means that any changes in your circumstances or intentions cannot be accommodated without substantial legal hurdles.”
For those interested in minimizing gift and estate tax liabilities or safeguarding their assets for future generations, consulting with a Long Island estate planning attorney is crucial. Schlessel Law PLLC offers experienced legal professionals who can guide clients through the complexities of estate planning and help craft tailored trust solutions.
About Schlessel Law PLLC:
Schlessel Law PLLC is a distinguished law firm located in Long Island, widely experienced in elder law and estate planning. The firm provides personalized legal solutions to help clients protect their assets and ensure a smooth transfer of wealth to future generations. With a focus on delivering comprehensive and strategic estate planning services, Schlessel Law PLLC is committed to guiding clients through the complexities of legal planning with professionalism and care.
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