Rockland County Wills and Trusts Lawyers
The primary mechanism used in estate planning is a will, a trust or both. Our estate planning lawyers at Montalbano, Condon & Frank, P.C., draft wills and create trusts that work to preserve assets, distribute property and carry out the wishes of the client after his or her death. Without a will or trust, the state will distribute your property after you die. It may not perform this task as you would have wished.
Meeting your goals with a will or trust
Consulting an experienced lawyer about a will or trust often allays peoples' fears. Whatever the size of the estate, our lawyers make sure that you use the correct instrument to pass your assets along to your family, charity or other heirs.
To discuss a will or trust, contact the Rockland County, New York, law firm of Montalbano, Condon & Frank, P.C., at 845.521.7108
Examples of trust instruments
In addition to drafting a simple will, we establish trusts that can preserve assets and reduce taxes. We use trust instruments such as:
- Revocable trusts. Similar to a will, a revocable trust has the advantage of not passing through probate, preserving privacy.
- Irrevocable trusts. Irrevocable trusts are often used to own life insurance policies, reducing estate tax liability. When this happens, the trust is called a life insurance trust.
- Special need trusts. These trusts are often used to provide for disabled adult children. Also called a supplemental trust.
- Charitable remainder trusts. This trust instrument provides for current tax deductions and cash flow while preserving assets not subject to capital gains tax for the recipient after the death of the testator.
- Generation skipping trust. This trust is designed to reduce the tax liability of the testator's children by giving the assets to the next generation, i.e., the grandchildren. Usually this instrument is used in high-value estates.
New York State has limits on the duration of a trust. It is important to consult with a knowledgeable trust lawyer to learn which trust best fits your situation and meets your goals.
Contact a wills and trusts attorney at Montalbano, Condon & Frank, P.C. Call us at 845.521.7108. You do not need to go far to find a lawyer able to establish the type of trust that will best suit your needs, whether that involves a simple trust, a complex, sophisticated one, or something in between.
