Long Island Irrevocable Trust Attorney

The Difference Between a Revocable and Irrevocable Trust

There are several different types of trusts to choose from when preparing wills or estate planning. The main difference between a revocable trust and an irrevocable one is that the revocable one can be changed after the agreement has been made. For example, if you have second thoughts about a beneficiary or fiduciary, these can be changed with a trust amendment. A revocable trust will also become irrevocable after the trust maker dies. An irrevocable trust can take on many forms, and even split into multiple trusts for several beneficiaries after the trust maker dies. Discuss all the ramifications and provisions with an experienced Long Island trust attorney .

Irrevocable trusts can be used to accomplish several estate planning goals:

• Estate tax reduction - when a person transfers assets into an irrevocable trust, they give over those assets to the trustee and beneficiaries of the trust so that the person no longer owns them. Therefore when the person dies, the assets can't be taxed.
• Charitable estate planning - the trust maker will receive a charitable income tax deduction if the trust maker makes the initial transfer of assets into a charitable trust while still alive, in that same year. Additionally the trust maker's estate will receive a charitable income tax deduction if the initial transfer of assets occurs after the trust maker dies.
• Asset protection - by placing assets into an irrevocable trust, the trust maker gives up complete control and access to the assets within the trust, which also makes the assets unreachable by creditors. The trust maker's family can be beneficiaries of the trust, and so still receive financial support from the trust.

Irrevocable Trust Lawyer in Long Island

At Blutter & Blutter, the attorneys have an in depth understanding of the challenging decisions you are confronting when faced with end of life problems such as estate planning and creating a last will and testament. It is advised that you seek knowledgeable legal counsel so that you can make informed decisions with these matters. The attorneys at our firm will provide individualized one-on-one service, and you will be treated with in the utmost kindhearted sincerity and care.

Contact a Long Island irrevocable trust attorney to find out if an irrevocable trust would be the right choice for you and your family.