There are so many nuances involved in estate planning and setting up trusts, that’s it’s nearly impossible to do them properly without the expert guidance of a will and trust attorney. In the five New York City boroughs, as well as in Nassau and Suffolk counties, the best living trust attorneys are at the boutique law firm of Albert Maimone & Associates, P.C. Call these living trusts experts based in College Point, Queens, for trust and will attorney advice. Expect the highest quality legal service without the big firm fees.
What Is a Living Trust?
Establishing a living trust is a way to transfer your assets into a trust that you can use while you’re still alive. This strategy helps you avoid the time-consuming and expensive process of probate after your death. The property you transfer to a living trust is owned by the trust, and the assets can be distributed to your beneficiaries immediately after your death or held until beneficiaries have reached a certain age.
Estate planning is about controlling your assets, both while you’re living and after your death. A living trust attorney helps you make sense of a living trust and guides you in best practices to effectively manage your assets. For help with a living trust, a last will and testament or any other aspect of estate planning in NYC, seek out the living trust attorneys at Albert Maimone & Associates law practice.
What Are the Elements of a Living Trust Document?
A living trust document that’s correctly prepared by a trusts attorney is a reliable tool for protecting your estate from probate. The document needs several elements, including:
- Your name, since you are the grantor of the trust
- The trustee who manages the trust
- A backup trustee who succeeds the trustee if they should pass away or become incapacitated
- Your beneficiaries
- How assets are to be divided among the beneficiaries
In a living trust document, the grantor agrees to transfer property to the trustee, and the trustee manages the grantor’s assets on behalf of the beneficiaries. The assets belong to the trust, not the trustee. This type of document is not one-size-fits-all. It’s best prepared by a will and trust attorney who’s highly skilled in creating legal documents for living trusts geared to an individual’s specific needs.
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Albert was a recommendation from a friend, and we were very grateful for this because Albert and his team were empathetic with our situation (this was an estate sale that was long and arduous). Albert went above and beyond for us by communicating with the estate lawyers, diligently reviewing and correcting all documents, negotiating on our behalf and most importantly was always willing to assist us (he was superb with his follow-up and replies to any of our inquiries). Thank you Albert! We highly recommend him!
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Ive used Albert Maimone for about 5 years and he has always looked out for me. He helped me purchase my house and get my mortgage and has also helped me out with tennant non payment cases .When ever i have a question or concern he always gets back to me fast and his rates a very reasonable. He has a lot of knowledge and experience in the law field, and his track record speaks for its self .Very simply he treats his clients like his family and i appreciate that.I look foward to keep using Albert in my future financial transactions. In conclusion I Highly Highly Highly recommend Albert Maimone !!!!!!!!!!!!!!!!!!
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I have used Mr Maimone for three property closings and I must say here is a Man you can trust with your life. He protects his clients to no end in one deal he found so many loop holes in the contract that no one else would ever take the time to find,it was amazing, so much so that at the closing the other sides Attorney could not stop praising Mr Maimone to the point he had to admit that he had learned so much from working with Mr Maimone. I recommend him to all My family and friends and always have them raving to me on how great he is after they use him in my eyes he's the best and I would never use anyone else.
What Are the Benefits of Establishing a Living Trust?
Establishing a living trust is a way to manage your assets throughout your life and ensure they’re distributed after your death to the beneficiaries you choose. This is beneficial for several reasons, including:
- Bypasses probate court. Probate court often takes many months, which can leave your heirs facing financial challenges during a lengthy and confusing process.
- Saves money. With the trust, you save attorney fees and court costs.
- Not likely to be contested. A trust is less likely to be contested than a will.
- You’re in control. It takes away the uncertainty of how to divide your estate.
Since a trust doesn’t have to go through probate, you can choose to have your assets distributed right away upon your death. Another benefit of a living trust is the privacy it provides. A will becomes public record but the specifics of a trust remain private.
What’s the Difference Between a Revocable and Irrevocable Living Trust?
There are different types of living trusts that you can use. Two of the most well-known types of trusts are:
- Revocable Living Trust. This is the most common type of living trust. It’s flexible and allows you to amend or revoke the trust at any time, which means you can refinance assets or remove them from the trust altogether. You’re also free to terminate the trust or change beneficiaries. This type of trust may be the best one for you if you think your assets may change or you may want to switch beneficiaries.
- Irrevocable Living Trust. An irrevocable trust can’t be changed or revoked. Changing the terms of this type of trust may involve getting a court order or the approval of beneficiaries. The benefit of an irrevocable trust is that the assets owned by the trust can’t be accessed by creditors. Assets moved into an irrevocable trust aren’t part of your taxable estate, so this type of trust is often used by wealthy people to reduce estate taxes after death.
A revocable living trust protects you if you should become mentally incapacitated since your assets are already owned and managed by the trust. Once you pass away, a revocable living trust converts to an irrevocable living trust and your assets are distributed.
Do I Need a Trust and Will Attorney for My Estate Planning?
Depending on how complex your assets are, you may be able to prepare a living trust document on your own. If you want to write your own trust document, check your state laws to find out the requirements. Working with a will and trust attorney makes sense in certain situations, including:
- You’re not sure whether a will or trust is right for you.
- Your living trust contains conditions, such as requiring a grandchild to complete college before receiving what you’ve left them.
- One of your beneficiaries has special needs.
- You’re unsure how to transfer assets.
Another reason to work with a living trusts attorney is if your estate is large and you may owe estate tax. Seek the assistance of a trusts attorney if you have a large amount of life insurance. Living trust documents tend to be more complicated than wills, so it’s helpful to have the guidance of an experienced trust and will attorney.
Do I Still Need a Will if I Have a Living Trust?
If you have a living trust, you probably still need a will, since the documents serve different purposes. If you don’t own much property and have a lot of debt, you may not need a living trust, but a Queens will and trust attorney can advise you. Things in a will that aren’t in a living trust include:
- Who should become the guardian of any child under the age of 18
- How to distribute assets that are in your name rather than the name of the trust
- Instructions on how taxes and debts should be paid
- Who becomes the executor
Attorneys who are experts in the field of estate planning can help you decide if a will or a living trust is right for you. Although most people would rather not think about their mortality, don’t neglect estate planning. To set up a consultation or to have your questions about estate planning answered by experienced Queens living will attorneys, contact Albert Maimone & Associates.
Albert Maimone & Associates P.C.127-16 14th Avenue
College Point, Queens, NY 11356 (718) 357-1216