Yana Feldman (https://yanafeldmanlaw.com/matters-of-trust-what-is-a-living-trust-and-do-you-need-one/), a prominent Brooklyn trust planning lawyer with New York Legacy Lawyers, has unveiled a new article titled "Matters Of Trust: What Is A Living Trust And Do You Need One?” The article discusses the essential aspects of living trusts, offering valuable insights for those planning their estates.
Brooklyn trust planning lawyer Yana Feldman emphasizes the significance of addressing estate planning, even though it may be an uncomfortable topic. "Although death is a difficult subject to discuss, it’s also part of your financial planning obligations. You must prepare for the inevitable," Feldman states. Her article highlights the importance of establishing a proper estate plan to minimize financial difficulties for families in the absence of their loved ones.
The article points out a startling statistic: 78% of young adults (ages 18-36) and 64% of Generation X (ages 37-52) do not have wills. Brooklyn trust planning lawyer Yana Feldman attributes this to various factors, including a lack of financial resources or miseducation. Feldman underscores the need for proper planning, advising individuals to consult with an experienced attorney to help ensure their wishes are honored. "At New York Legacy Lawyers, our team of experienced Brooklyn trust planning lawyers can provide valuable guidance throughout the process," she remarks.
Understanding what a living trust is and how it functions is crucial for those seeking to get their affairs in order. A living trust is a legal document created prior to death, acting as an arrangement between the grantor and a trustee. Brooklyn trust planning lawyer Yana Feldman explains, "In your passing, the trustee maintains possession of your property and assets, ensuring they are managed according to your wishes and seamlessly transferred to your beneficiaries."
The article discusses the two main types of living trusts: revocable and irrevocable. Revocable living trusts are flexible, allowing the grantor to move assets in and out as needed and even dissolve the trust if desired. On the other hand, irrevocable living trusts are more rigid, with assets becoming permanent parts of the trust once placed there. "Each state has specific rules and regulations on trusts," Feldman advises, "so it’s important to educate yourself on the guidelines before setting one up."
Brooklyn trust planning lawyer Yana Feldman also addresses the types of assets that can be transferred into a living trust. Permissible assets include bank accounts, real estate, jewelry, cars, securities, stocks, bonds, artwork, and heirlooms. However, certain accounts like 401Ks and retirement plans cannot be owned by the trust but can list the trust as a beneficiary. This distinction is crucial for effective estate planning.
While a living trust is a powerful estate planning tool, it does not eliminate the need for a power of attorney. Feldman clarifies, "A power of attorney is necessary for handling financial and legal decisions if you become incapacitated. It complements the living trust by ensuring that a trusted person can manage your affairs without needing court intervention."
Deciding whether to establish a living trust depends on individual circumstances. Feldman encourages individuals to take stock of their assets and consider the financial well-being of their dependents. "You can work with an estate planning attorney to help you figure out the best way to manage your assets in life and death," she advises.
For those considering a living trust, understanding its nuances can be pivotal in securing the future of their assets. A living trust provides a flexible and private way to handle an estate, helping to avoid probate. Feldman and her team at New York Legacy Lawyers are dedicated to guiding clients through the complex matters of estate planning. "We can help you assess your unique situation and decide if a living trust is the right choice for you," Feldman states. "Our experience helps ensure that your trust is tailored to meet your specific needs, providing peace of mind for you and your loved ones."
About New York Legacy Lawyers:
New York Legacy Lawyers, led by Yana Feldman, can offer comprehensive estate planning services to clients in Brooklyn. The firm is dedicated to providing compassionate and knowledgeable legal assistance in matters of trusts, wills, and other estate planning tools. With a commitment to ensuring clients' wishes are honored, New York Legacy Lawyers can help families navigate the complex aspects of estate planning with confidence and clarity.
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Email: yana@yanafeldmanlaw.com
Website: https://yanafeldmanlaw.com/
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Company Name: New York Legacy Lawyers by Yana Feldman & Associates PLLC
Contact Person: Yana Feldman
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Phone: (718) 713-8080
Address:132 32nd St #301
City: Brooklyn
State: New York 11232
Country: United States
Website: https://yanafeldmanlaw.com/
