New York Wills and Trusts Lawyer

Living Trusts ∙ Testamentary Trusts

For many people, a trust is an effective technique to achieve their estate planning needs and goals. At the Staten Island law office of Menicucci Villa & Associates PLLC, attorney Louis Lepore helps clients understand the benefits of trusts and determine if a specific type of trust is appropriate to achieve their estate planning objectives. Schedule a free initial consultation with attorney Lepore by calling 718-667-9090 or contact us online.

What is a Trust?

A trust is a mechanism that holds title to assets (bank accounts, cars, homes, and other personal property) for a particular beneficiary. Depending on the way the trust is set up, the beneficiary could be yourself, a charitable organization, a child, or another individual or business. In addition, a trust is not restricted to naming only one beneficiary. For example, a living trust can designate yourself as the beneficiary during your lifetime with your heirs designated as the beneficiaries upon your death.

There are many unique types of trusts — both revocable and irrevocable trusts — that can be used in effective estate planning. With his thorough understanding of state and federal tax laws, Louis Lepore can assist you in understanding these trusts and determining which type of trust is right for you. Some types of trusts our law firm can create are:

• Life insurance trusts
• Generation skipping trusts
• Family trusts
• Special needs trusts
• Charitable remainder trusts
• College fund trusts

In addition to living trusts, other types of trusts can be beneficial in your estate plan. A testamentary trust is a trust that is established following instructions in your last will and testament and only becomes effective after your death.

For further discussion of living trusts or other trusts, or to discuss your particular needs with estate planning lawyer Louis Lepore, contact our Staten Island, New York, law firm today.