Find Out Whether An Irrevocable Trust Is Right For You
There are several reasons you will wish to speak to an attorney concerning setting up an irrevocable trust. Despite the advantages, these trusts are extremely complicated to set up. Also, an experienced attorney can advise you concerning the many options you have when setting an irrevocable trust up.
The lawyers at Polizzotto & Polizzotto, LLC, have been providing legal services for Brooklyn residents for over 40 years. We understand what our clientele requires. We will provide personalized attention to your legal matter and listen to all of your concerns.
The Advantages Of Setting Up An Irrevocable Trust
Without setting up a trust, your estate may face diminishment due to taxes and expenses. This is particularly true in states like New York and New Jersey. On the other hand, the setting up of a trust can shield assets from taxation in many cases. An irrevocable trust, in particular, has several advantages. These include:
- An irrevocable trust has tax benefits that a revocable trust may not have.
- An irrevocable trust provides flexibility in managing the trust assets for those who set it up.
- An irrevocable trust is safe from legal judgments.
- Such a trust is out of the reach of creditors.
Despite such advantages, it is important to create an irrevocable trust with great care. Only the beneficiary of the trust can provide permission to modify or amend the trust once created. Also, transferring assets to an irrevocable trust mean that the granter removes their rights to ownership of those assets.
We will take the necessary steps to protect your interests. We will make ourselves available to you to answer all of your questions. Our guidance can help preserve your estate and maximize your opportunities.
Let Us Serve You
To discuss your matter in detail and to speak with a seasoned elder law attorney, contact our law office by calling 347-462-0510.