Wappingers Falls, New York, Estate Planning Lawyer
Under New York law, if a person dies without a will, the estate assets will automatically go to the surviving spouse and family members. But even airtight wills are subject to probate court decisions that can leave survivors frustrated.
What’s the best way to avoid putting decisions about your financial estate into the hands of strangers? By establishing a revocable living trust or an irrevocable trust, you can control the distribution of money and other property during your lifetime. You will legally establish your final wishes before you die.
Lyons & Supple has been helping individuals and families create trusts and other estate planning tools for more than 30 years. When we meet to discuss your circumstances, we will take the time to talk about your goals and the legal options that best serve your needs.
“Estate planning for asset protection makes good financial sense. No two financial estates are ever alike and neither are estate planning lawyers. There are always unique circumstances and concerns for the estate holders. That’s why we find creative, personalized solutions that help you minimize estate taxes and avoid probate.” — Attorney Greg Supple
We offer a complete range of irrevocable and revocable trust services to help you avoid probate, including:
- Trust administration
- Special needs trusts
- Irrevocable and revocable trusts
- Charitable remainder trusts
- Pour-over wills
- Marital trusts
What Is An Irrevocable Trust?
An irrevocable trust simply means that you are placing all or some of your financial holdings into a trust forever. Your financial holdings are beyond the decisions of the probate court. The advantage is that all assets are protected from creditors, judgments and other obligations, and you will control the distribution of your money to the people and charities you want to support. A disadvantage is that an irrevocable trust is exactly as it sounds: You cannot collapse the trust and recover the money into your personal accounts if you change your mind.
What Is Revocable Trust?
A revocable trust gives you control over the distribution of assets in your lifetime, but you have the option of collapsing the trust and recovering your assets, if necessary. Your financial holdings are beyond the decisions of the probate court. The disadvantage: estate tax savings may not be as substantial because you are not releasing control of your financial assets.