Anyone can benefit from a trust, not just the wealthy. A trust is a way to protect property and distribute assets when someone dies. They are a foundational tool of estate planning, offering flexibility and privacy.
As we all know, change happens, and the terms of a trust may need to change also. Whether due to shifts in family circumstances, changes in tax laws, or personal preferences, trust modification and termination in Staten Island can ensure your trust continues to meet your goals.
As an area resident for over 30 years, Louis P. Lepore has a deep understanding of local families’ needs. His personalized approach as an attorney makes him an excellent resource for navigating these processes.
People create trusts for a variety of reasons. Some of the most common are:
In Staten Island, Louis P. Lepore can help you modify a trust so that it aligns with your goals or terminate a trust that no longer meets your needs, ensuring your assets are managed responsibly and distributed according to your wishes.
You can modify or terminate a Staten Island revocable trust any time while you are living. You retain control over the assets in the trust, making revocable trusts a good choice for families with changing needs.
Irrevocable trusts, on the other hand, are often used for specific purposes such as Medicaid planning, charitable giving, or safeguarding wealth for future generations. Once established, they typically cannot be modified or terminated without the consent of beneficiaries or, in some cases, court approval. While modifying or terminating an irrevocable trust can be challenging, it is not impossible.
Choosing between these trust types depends on your goals and circumstances.
Modifying an irrevocable trust may be possible through a tool known as decanting. Basically, decanting means transferring the assets of an existing irrevocable trust into a new trust with updated terms. This can be particularly useful when:
New York has specific laws governing trust decanting, providing a streamlined process for making these changes. Decanting requires careful planning to ensure compliance with legal requirements and the trust’s original intent. Louis P. Lepore has extensive experience assisting Staten Island residents with modifying or terminating a trust through decanting and can guide you through this complex process.
If you are considering trust modification and termination in Staten Island, Louis P. Lepore is here to help. With over 30 years of experience and deep ties to the community, he provides personalized, compassionate legal counsel. Whether you need help with revocable trust amendments or are exploring decanting options for an irrevocable trust, Louis P. Lepore can help you achieve your estate planning goals.
Call today to schedule a consultation and take the first step toward ensuring your trust meets your needs.
(718) 354-8646