For many families, establishing a trust is essential to protecting assets, maintaining privacy, and minimizing legal challenges. At The Law Offices of Louis P. Lepore, we help individuals and families understand the different types of trusts in Staten Island and select the option that best supports their long-term goals.
As experienced trusts attorneys, we recognize that every client’s needs are unique. Whether your objective is to provide for loved ones, safeguard property from creditors, or reduce estate taxes, we could guide you through each phase of creating a trust that complies with state law and reflects your personal priorities. Our team focuses on clarity, compliance, and the lasting protection of your family’s financial future.
The first decision when establishing any sort of trust in Staten Island is whether it should be revocable or irrevocable. A revocable living trust allows you to retain control over your assets during your lifetime while simplifying the transfer of property after your death. Because you can amend or dissolve it, this type of trust provides flexibility and convenience. However, assets held in a revocable trust remain part of your taxable estate.
Conversely, an irrevocable trust cannot be modified once created. It is often used for asset protection or estate tax planning. By transferring assets into an irrevocable trust, you remove them from your taxable estate and provide an additional layer of protection against certain creditors. A skilled lawyer from our firm could help you evaluate whether an irrevocable or revocable trust aligns with your financial objectives.
Many Staten Island families explore different trust options to meet specific financial and personal goals beyond standard estate planning. Certain trusts are designed for specific purposes and offer customized benefits. For example, a supplemental needs trust allows you to provide financial support to a loved one with a disability without affecting their eligibility for government benefits. Similarly, a charitable remainder trust enables you to contribute to a charitable organization while still receiving income from the trust during your lifetime.
Other arrangements, such as a testamentary trust, are created through your will, take effect after death, and ensure that dependents receive support in an organized manner. When you work with our attorneys, we explain how each trust operates under state law so you can make informed decisions with confidence.
Selecting the appropriate trust depends on your goals, family circumstances, and assets. For example, individuals concerned about estate taxes may consider an irrevocable life insurance trust, while those seeking to manage assets during incapacity may prefer a revocable trust. Understanding these differences ensures that your trust plan provides the control and protection you need.
At The Law Offices of Louis P. Lepore, we could help you evaluate the various kinds of trusts recognized in Staten Island and explain how each operates under state law. With our guidance, you can establish a trust that provides stability, control, and peace of mind for you and your family.
Establishing the right trust can secure your assets, protect your family, and ensure that your wishes are carried out. At The Law Offices of Louis P. Lepore, we help clients understand the types of trusts in Staten Island and develop estate plans that provide lasting peace of mind. Our commitment is to deliver personalized legal solutions rooted in integrity and experience.
If you are ready to begin planning your estate, contact us today to schedule a consultation. We are here to help you protect your legacy and plan with confidence for the years ahead.
(718) 354-8646