At Bankier, Arlen & Snelling Law Group, PLLC in Delray Beach and New York City, we have devoted our practice to protecting our clients’ wealth and assets through strategic, long-term estate planning. This includes the creation of both simple and complex trusts.
There are essentially three types of trusts in estate planning:
Revocable trusts — Also referred to as living trusts, these trusts can be helpful in avoiding probate at death and avoiding guardianship in the event of incapacity. Under a revocable trust, the person who creates the trust — the settlor or grantor — remains the owner of the assets named in the trust. Those assets are taxable to the settlor for income tax purposes and included in their estate for estate tax purposes. A properly structured revocable trust can reduce the settlor’s estate tax burden.
Irrevocable trusts — Typically used to transfer assets out of the settlor or grantor’s estate in an effort to reduce the size of the estate for federal tax purposes. Under an irrevocable trust, the settlor relinquishes all control over the trust assets and the assets are not considered part of the estate. Because the trust is irrevocable, we must carefully choose a trustee who will carry out the settlor’s objectives.
Testamentary trusts — These trusts are created at death through the implementation of a will or revocable trust. They generally separate marital assets (includable in the gross estate) from non-marital assets (not includable in the gross estate). Moreover, testamentary trusts are essential to protect children, grandchildren and other family members from divorce, creditors, bankruptcy and generation skipping transfer taxes.
As skilled Palm Beach County trust lawyers, we determine the right type of trust for your needs and objectives and determine the type of trust that best protects your interests, including:
At Bankier, Arlen & Snelling Law Group, PLLC, our attorneys have the knowledge and experience necessary to guide you toward the appropriate trust for your needs. Learn more about trusts and wills and which one might work best for you.
Protect your legacy. Preserve your wealth. Contact Bankier, Arlen & Snelling Law Group, PLLC online or call our Delray Beach office at 561-278-3110 for comprehensive legal counsel for your estate planning and business succession needs.