Experienced New York City Trusts Attorney
Estate planning is a crucial step in securing your financial future, and trusts can be an invaluable tool to include in your plan. They help to protect assets, minimize taxes and preserve your final wishes.
At William A. Simon DBA McGarry & Simon, attorney William A. Simon brings extensive experience in New York estate planning, offering personalized guidance tailored to your unique needs. With a deep understanding of trust law and a commitment to excellence, he helps individuals and families in New York navigate the complexities of trust creation with confidence.
Types Of Trusts Recognized In New York
New York recognizes various types of trusts, with each one serving a distinct purpose in estate planning. Learning about the available trust options is essential in selecting the right one for your needs.
- Revocable trusts: These trusts allow you to retain control over your assets during your lifetime, offering the flexibility to modify or revoke the trust as circumstances change – they also help avoid probate.
- Irrevocable trusts: Once established, these trusts cannot be altered, but they provide crucial benefits such as asset protection and tax advantages.
- Testamentary trusts: Created through a will, these trusts take effect upon your passing, ensuring your assets are distributed according to your expressed wishes.
- Charitable trusts: Designed to support charitable organizations, these trusts also provide invaluable tax benefits while empowering you to fulfill your philanthropic goals.
- Special needs trusts: These trusts help provide financial support for your loved one with disabilities without jeopardizing their eligibility for government assistance.
- Asset protection trusts: Used to shield assets from creditors and legal claims, these trusts are a vital tool for safeguarding your wealth.
Working with an experienced lawyer helps ensure your trusts are structured correctly and align with your estate planning objectives.
Benefits Of Trust Creation With William A. Simon DBA McGarry & Simon
As you can see, trusts offer numerous advantages, from avoiding probate to ensuring financial security for beneficiaries. However, if they are structured improperly, you may miss out on these benefits.
Attorney William A. Simon offers critical guidance through the trust creation process, facilitating compliance with New York laws and optimizing your estate planning strategies.
Choose Experience For Your Trust Needs
William A. Simon DBA McGarry & Simon is committed to helping you establish strong, beneficial trusts that align with your estate planning goals. Call attorney Simon at 212-235-1898 or use the contact form today to schedule a free initial consultation at his New York City office.