Protect Your Assets with Our Estate Planning Attorneys 

The trust services of Parisi, Coan & Saccocio, PLLC, can help you plan for the future, protect your assets, and ensure your beneficiaries are taken care of. Our staff provides clients in New York and North Carolina with exceptional, personalized trust law representation, from creating specific documents to administering trusts. 

What is A Trust?

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.

How to Start a Trust Fund

Starting a trust fund is an excellent way to provide financial security and stability for your loved ones.

There are a few steps to consider when setting up a trust fund: 

• Step 1: You'll need to choose a type of trust, such as a living trust, a testamentary trust, or an irrevocable trust. Each type of trust offers different benefits and drawbacks, so it's important to research each one in detail and choose the one that best fits your needs.
• Step 2: You'll need to name a trustee, or trustees. This person will be responsible for overseeing the trust and ensuring that it is carried out according to your wishes. You can also name beneficiaries of the trust, who will receive payments from the trust upon its completion. 
• Step 3: To properly establish your trust and ensure it's legally enforceable, you must complete the necessary documents and execute them in accordance with your state's laws. In many states, this means signing your trust document while being witnessed by two other individuals who must also sign the document.
• Step 4: In order for your trust to operate as intended, it must be funded with assets. Though transferring assets to a trust can be a time-consuming process, it's a crucial step in the estate planning process. To begin, you should reach out to the financial institutions that manage your assets. For example, if you want to transfer your home into a trust, you'll need to execute a new deed with the trust listed as the owner. Similarly, to transfer ownership of a bank account, you can get in touch with your financial institution to initiate the process.

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!