Staten Island Estate Planning Attorney

Is a Living Trust Important to Your Estate Plan?

Everyone has different needs and goals when establishing their estate plan. For some, the important issue is maximizing tax savings while for others, avoiding probate is important. At the law office of Menicucci Villa & Associates PLLC, attorney Louis Lepore guides clients through effective estate planning. After listening to the client’s clients, he assists them in evaluating which documents will most effectively achieve their goals.

If you have questions about estate planning or would like to learn more about irrevocable and revocable trusts, contact our Staten Island law office and schedule a free initial consultation with Mr. Lepore.

A living trust — whether revocable or irrevocable — is a trust that is set up during your lifetime for your own benefit. Upon your death, the assets within the trust are passed on to your beneficiaries. A carefully drafted living trust can help your loved ones avoid the many complications that come with the probate process.

Revocable Living Trusts

A revocable trust is a living trust in which you — the grantor — are both the trustee and the beneficiary of the trust during your lifetime. You maintain control of your assets and are able to modify or revoke the trust at any time during your life.

Irrevocable Living Trusts

An irrevocable trust is a living trust in which you — the grantor — are the beneficiary of the trust during your lifetime. However, an individual whom you appoint must serve as the trustee during your lifetime. By forfeiting the ability to control or revoke the trust, you may gain some tax advantages.

Estate planning lawyer Louis Lepore, associate at Menicucci Villa & Associates PLLC, has extensive knowledge and experience dealing with federal and state taxation law. His experience with the New York State Department of Taxation gives him a clear understanding of the tax laws and how they affect our clients. As a result, he is capable of educating clients of the benefits of a living trust, and which type of living trust — revocable or irrevocable — is best for their situation.

When working with Louis Lepore, you can have confidence, knowing that you are his priority. To schedule a consultation, contact Menicucci Villa & Associates PLLC