Protect Your Assets with Our Estate Planning Attorneys in New York & North Carolina
A trust fund is a legal entity designed to hold property or assets for another person, group, or organization. Trust funds are managed by a neutral third party called the trustee, and can hold various assets such as property, money, or stocks.
Trust funds can be powerful estate planning tools presenting many advantages. Depending on the type of trust established, it can be used for a range of purposes, including:
- Reducing estate taxes
- Reducing gift taxes
- Ensuring children and grandchildren under 18 will be beneficiaries of an estate
- Safeguarding the financial future of family members with special needs
- Protecting assets from lawsuits
- Protecting assets from creditors
How Does A Trust Fund Work?
Trusts generally involve three parties, the grantor, the beneficiary, and the trustee. The grantor is the person who is creating the trust, contributes the assets, and determines how the trust should be managed. There are different types of trusts that can be created, including revocable and irrevocable trusts.
How the trust fund will work depends on the type of trust the grantor has created and the rules they have specified. The beneficiary is the individual, group, or organization the trust fund has been established for. The trustee is a neutral third party entrusted to manage trust.
Types of Trusts
Parisi, Coan & Saccocio, PLLC provides clients with experienced legal guidance, clarification, and ongoing support in trust and estate matters including:
- Testamentary Trust
- Credit Shelter Trust
- Marital Trust
- Inheritance Trust
- Revocable and Irrevocable Trust
- Irrevocable Medicaid Trust
- Living Trust
Request your consultation with our leading trust attorneys in North Carolina & New York by calling 914-228-7448 or contacting us online today!
Client Won CustodyAs many of you may know legendary singer/songwriter Aretha Franklin died in 2018 without leaving a will. Other wealthy celebrities such as Prince have done the same. This can lead to many types of unwanted consequences. As an example, the T&E department at PCS is currently ...
Brothers Inheritance RestoredAfter much litigation including more than a dozen depositions, obtaining numerous medical records and various other relevant documents, expert medical testimony, and the beginnings of trial preparation, an estate dispute was settled on behalf of our client for $700,000. Our ...
Porch Will Matter ResolvedIn another important, yet smaller financial matter, we recently settled a will contest where the decedent's will was signed and witnessed …. on his front doorstep. It was argued that the proper legal formalities were not followed in the execution of the will in this case and ...
Trust funds when effectively planned and managed, can help ensure the financial well-being of your children. One of the largest advantages to establishing a trust for a minor in New York or North Carolina is that a reliable trustee will manage the funds until the beneficiaries age reach 18 or beyond.
Other advantages to consider with a trust fund include:
- Tax benefits such as maximizing estate tax bypasses.
- Asset protection including reducing the potential for lawsuits between heirs.
- Trust funds can establish parameters for how and when funds are distributed, and how the trust assets can be used,
While trust funds can provide many advantages, they also have potential disadvantages. As noted above, one of the largest advantages to establishing a trust for a minor is that a reliable trustee will manage the funds until the beneficiaries reach turns the age of 18. However, not all 18 year- olds are prepared to handle the financial responsibility of one lump sum. Luckily, trusts can be strategically designed to head off this problem by ensuring that the money is distributed over time or for a specific purpose.
Another potential pitfall of trust funds is heavy taxation on distributions. Trusts must be well-planned and designed carefully to reduce the amount of taxes on their distributions. Trust law varies by state and can be very complicated. An experienced trust attorney in New York or North Carolina can help you determine the type of trust you need, and carefully structure it to meet the needs and goals of your individual situation.
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Client Won CustodyDying Without A WillAs many of you may know legendary singer/songwriter Aretha Franklin died in 2018 without leaving a will. Other wealthy celebrities such as Prince have done the same. This can lead to many types of unwanted consequences. As an example, the T&E department at PCS is currently ...
Son Must Repay Mother’s EstateEstate CaseA local man and his then-wife used undue influence on his elderly mother to clean out the woman’s bank accounts before she passed away, a Schenectady County Surrogate’s Court ruled this week. The verdict, in a case brought by the woman’s two other sons, means the man and his ...
Brothers Inheritance RestoredEstate DisputeAfter much litigation including more than a dozen depositions, obtaining numerous medical records and various other relevant documents, expert medical testimony, and the beginnings of trial preparation, an estate dispute was settled on behalf of our client for $700,000. Our ...