Wills and Probate
Staten Island Attorney Establishes Trusts in New York and New Jersey
Legal documents for asset protection and succession within your estate plan
A trust is a legal instrument that creates a relationship where one person holds and controls assets for the use of another. William J. Newstad, Esq., Attorney and Counselor at Law drafts trust documents for clients in New York and New Jersey who want to protect their wealth from excessive taxation and liability, and want to preserve it for their heirs. Since 1997, we’ve helped middle-class individuals and families obtain, through a variety of trusts, the asset protection that only the wealthy used to enjoy.
What types of trusts are available in New York and New Jersey?
With a clearly drafted trust, you can avoid probate court, save time and expense for your heirs and reduce estate taxes. Your trusts lawyer can help you establish trusts for diverse purposes:
- Asset protection trusts (APTs) — You can use trusts to separate certain assets from your personal property, so that in the event of a lawsuit, a plaintiff cannot seize that wealth to satisfy a judgment. APTs usually contain a spendthrift clause that limits the amount the beneficiary can receive from the trust at any given time, making it an unattractive target for creditors.
- Charitable trusts — If you have a favorite charity, you can endow a trust to contribute a certain amount to the charity at regular intervals.
- Credit shelter trusts — If your estate is large enough to trigger the estate tax, you can bequeath a certain amount to a family trust, so that the remainder can pass to your spouse without being taxed. Even better, the money in this trust will always be free of estate tax liability, even if it grows in value.
- Medicaid trusts — You can structure your assets in such a way that you qualify for Medicaid but do not have to completely liquidate your estate.
- Irrevocable life insurance trusts — This trust allows you to pass an inheritance to your heirs tax-free. The downside is you must surrender your ownership rights, which means you can’t cash it in, borrow against it or change beneficiaries.
- Qualified personal residence trusts — You can convert your ownership interest in real estate to a limited right to reside there. This shields that property from creditors.
- Qualified terminable interest property — This trust allows grantors with blended families to provide an income for a spouse and inheritance to children from a first marriage.
- Revocable (living) trusts — You can use this trust to hand over management of your property to a trustee while you continue to enjoy the property. After the end of your life, the property passes to your heirs. You are still in control and can change the terms of the trust or dissolve it at any time.
- Special-needs trusts — You can set aside funds for a person with special needs without compromising that person’s Supplement Security Income benefits.
As your estate planning law firm, William J. Newstad, Esq., Attorney and Counselor at Law stays with you after the trust is formed. We can assume the duties of trust administration and litigate any disputes.
Contact a knowledgeable Staten Island attorney for trusts in NY and NJ
William J. Newstad, Esq., Attorney and Counselor at Law helps clients establish trusts to protect their assets and pass wealth on to their heirs with a minimum of waste and delay. To schedule a consultation, call 718.815.5800 or contact our office online.
William J. Newstad, Attorney at Law is located in Staten Island, NY and serves clients in and around Staten Island, Breezy Point, Brooklyn, New York, Jamaica, Rockaway Park, Ridgewood, Maspeth, Long Island City, Howard Beach, Middle Village, Sunnyside, Woodhaven, Ozone Park, Woodside, Arverne, Elmhurst, Rego Park, Astoria, South Ozone Park, South Richmond Hill, Richmond Hill, Jackson Heights, Kew Gardens, Forest Hills, Corona, East Elmhurst, Inwood, Springfield Gardens, Bronx, Bronx County, Kings County, Nassau County, New York County, Orange County, Queens County, Richmond County, Rockland County, Suffolk County and Westchester County.