Protecting And Distributing Property Through Trusts
Located in Rochester, New York, the law office of Warren Welch, Esq., LLC, provides guidance in trusts and estate planning based on decades of experience in the field. Protect your assets and provide for those who are important to you by working with Mr. Welch.
Trusts are an important part of estate planning, as they help to keep money and property out of the long and costly process of probate. They can also help to lower your tax liability and can be used to manage finances during your lifetime. A trust can supplement a will or replace a will entirely. With so many different types of trusts available, a skilled advisor can help you find the right strategy for your assets.
Revocable Vs. Irrevocable Trusts
There are two basic types of trusts: revocable and irrevocable. As the name suggests, an irrevocable trust cannot be modified or revoked after it is created. No one can remove property from this type of trust.
A revocable trust, also called a “living trust,” can be altered or revoked during your lifetime. While an important estate planning tool, revocable trusts are not as effective at protecting assets as irrevocable trusts.
Tailoring Trusts To Suit Your Needs
The type of trust you choose depends on your needs and goals. With over 40 years of experience in the fields of estate planning and family law, attorney Warren Welch can help you determine the best strategy for you. These strategies might include:
Testamentary trusts: In this type of trust, property is transferred into the trust after the grantor dies. Creating a testamentary trust allows you to specify conditions for beneficiaries to receive their portion of the trust, keeping your wishes at the forefront. It can also be used to avoid taxes in your beneficiaries’ estate.
Asset protection trusts: These trusts are set up in foreign countries to protect your assets from creditors.
Charitable trusts: Leave assets to a charity, and lower estate and gift taxes by placing assets in this type of trust.
Special needs trusts: A special needs trust provides funds for someone with physical or mental disabilities without impacting their ability to qualify for government assistance programs.
Depending on the assets you currently hold and your goals for the future, one or more of these trusts might be more desirable than another. Consult with an experienced attorney to learn more about how a trust can protect your hard-earned property and provide for your loved ones.
Call Today To Learn More
To request a consultation with an experienced wills and trusts lawyer, contact the firm online or by phone. Call 585-200-5437 or 866-488-7260 today to find out more about how you can protect your assets with a trust.