Trusts can be a valuable estate planning tool regardless of your wealth. If you own out of state property, a Trust can avoid costly probate in another jurisdiction. Trusts can provide a mechanism for an income stream for an individual and help in maintaining the lifestyle of a family member who may have issues with substances, gambling, and the like. Trusts can also help to minimize estate taxes and provide for Medicaid planning. They may also simplify the administration of your estate once you are gone. Since they may not be the right option for every person, it’s important to understand the pros and cons of trusts so you can better plan your estate.
The Long Island law firm of Harms & Harrigan LLP handles trusts and estate matters for a variety of clients throughout the area. Their goal is to provide you with the information you need for planning that helps put your mind at ease. Whether you are of modest means and your goal is to make your family’s loss as peaceful as possible, or you have a large estate to protect, Harms & Harrigan, LLP can help.
A variety of types of trusts are available. The attorneys at Harms & Harrigan, LLP can help you make the right choice for your situation. They will review with you the benefits of various Trusts including:
- Living Trusts
- Revocable and Irrevocable Trusts
- Asset Protection Trusts
- Supplemental or Special Needs Trusts
- Testamentary Trusts
- Other trusts that could be appropriate for your situation
Help For Trustees and Executors
Harms & Harrigan, LLP also make it their priority to make sure that if you are appointed as a trustee or an estate executor, you understand your duties and obligations. You have a great deal of authority and can potentially be held personally accountable if you do not properly handle your obligations. You will be guided through your Executorship or in the trust administration process to ensure everything is completed as required.
Whether your goal is to protect assets from probate, to avoid taxes, to protect a child, or to provide for your favorite charity, Harms & Harrigan, LLP will be here to assist you. A trust can provide significant financial advantages and prevent unnecessary costs for you and your loved ones. The attorneys will make sure you understand how a trust can help you and whether or not it is the right estate planning tool for you.
If you would like to know more or you want to speak to someone about your estate planning options, contact the law firm of Harms & Harrigan, LLP.