New York estate planning attorney Yana Feldman (https://yanafeldmanlaw.com/heres-what-you-should-know-about-a-trust-how-to-set-one-up/) has recently released an article titled “Here’s what you should know about a Trust & how to set one up” to help educate individuals on the importance of estate planning and the role of trust in that process.
In the article, the New York estate planning attorney emphasizes the importance of working with an experienced estate planning attorney when creating a trust. “A trust is a powerful tool in estate planning that can provide numerous benefits, such as asset protection, probate avoidance, and tax planning. However, the creation of a trust requires careful consideration and expert guidance to ensure that it meets your unique needs and goals,” she explains.
The New York estate planning attorney goes on to outline the different types of trusts that individuals can choose from, such as revocable trusts, irrevocable trusts, and special needs trusts, and the specific purposes they serve. She also provides step-by-step instructions on how to set up a trust, including selecting a trustee and beneficiaries, transferring assets into the trust, and creating a trust agreement.
“Setting up a trust is a complex process that requires attention to detail and knowledge of the law. As an estate planning attorney, my goal is to help my clients navigate this process with ease and confidence, ensuring that their assets are protected and their wishes are carried out,” says Feldman.
The article also touches on some common misconceptions about trusts, such as the belief that trusts are only for the wealthy or that they are only useful for avoiding estate taxes. Feldman stresses that trusts can be beneficial for individuals at any income level and can serve a variety of purposes beyond tax planning, such as providing for minor children, protecting assets from creditors, and ensuring privacy in estate distribution.
Furthermore, reasons to create a trust such as Creditor protection, Relationship Property Claims Protection, and Protecting Family Members with Special Needs were also discussed.
Overall, the article serves as a valuable resource for anyone considering estate planning and the creation of a trust. With Feldman’s experienced guidance, individuals can gain a better understanding of the benefits of trust and how to set one up to meet their unique needs and goals.
Those who are interested in learning more about estate planning and setting up a trust may contact Yana Feldman, a New York Estate Planning attorney, today.
About New York Legacy Lawyers:
New York Legacy Lawyers is an estate planning law firm based in New York City. Led by Yana Feldman, the firm is dedicated to helping individuals and families protect their assets, provide for their loved ones, and plan for the future through comprehensive estate planning services. With a focus on personalized attention and exceptional service, New York Legacy Lawyers is committed to guiding clients through every step of the estate planning process.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No The Daily News Journal journalist was involved in the writing and production of this article.