Bronx Trusts

Seasoned Trusts Lawyer in the Bronx

Some families in the Bronx may find that their estate plan should include a trust. There are different types of trusts, and they are created with different objectives; the trust instrument can be a very important part of planning for the present or future. In some cases, a family member realizes that a particular trust is not valid or that the actions of a trustee are not beneficial and wishes to challenge the trust or trustee. In these situations, it is important to seek and obtain knowledgeable legal counsel.Whether you need to make a trust or challenge the terms of a trust or the trustee, you should call the experienced Bronx trusts attorney Jules Haas. He has more than forty years of experience.

Bronx Trusts

Trusts are formal arrangements where one party, known as a grantor, transfers assets to someone else, a trustee, to hold and manage assets for the benefit of third-party beneficiaries for a particular period of time. These instruments can be used to fulfill a range of objectives such as avoiding probate, protecting assets from creditors, and protecting assets from being dissipated by disabled or otherwise vulnerable children.

What Types of Trusts Can a Lawyer Can Set Up?

A lawyer can set up numerous different kinds of trusts that can be utilized for different purposes, whether to protect assets, avoid probate, or reduce estate taxes.

Many people set up revocable trusts. These allow for the transfer of assets to a trust while retaining control over them. A grantor can amend, modify, or revoke a revocable trust while he or she is still alive, and upon his or her death, assets can pass to named beneficiaries. The purpose of moving assets to a trust is to avoid probate where there is the potential for a will to be contested; this type of trust doesn’t provide asset protection, however.

An important trust for older people is the irrevocable trust. This type of trust, which can hold your house and other real property, bank accounts, and investments, may be appropriate for asset protection in the event that you need long-term care. It would allow you to become eligible for benefits such as assisted living programs or nursing home care, and it can be set up so that your beneficiaries inherit the assets.

One type of irrevocable trust that many find useful is the special needs trust. It can be put into place in your will for purposes of providing for a child with special needs without losing benefits like Medicaid or Social Security Insurance. The assets can be used to provide the person with special needs with services or equipment that government benefits don’t cover. Another type of irrevocable trust is the spendthrift trust, which protects assets in the event that beneficiaries that are financially irresponsible. Similarly, the life insurance trust is an irrevocable trust that permits the grantor to take his or her life insurance outside of the estate, so that when he or she dies, the proceeds from the policy can be distributed to beneficiaries of the trust as tax-free income.

Lawyers for Trust Contests

Disagreements and quarrels may arise around a trust after the grantor passes away. As with wills, it is possible for certain parties with standing to bring a trust contest in the Bronx Surrogate’s Court or the Supreme Court of New York in Bronx County. A trust contest is a formal objection to the validity of the trust, whether in whole or in part. Unlike with a will contest, the person who wishes to set aside a trust has the burden of proof with regard to the issues. It’s important to be aware that in some instances, grantors put no-contest clauses in trusts; these make it so that anyone who contests the trust forfeits the right to receive anything. Grounds to bring a trust contest include undue execution, undue influence, lack of capacity, duress, forgery, and fraud. For example, if a decedent created a trust after developing dementia, he or she may lack the capacity to make the trust. For another example, if someone purposefully lied to the grantor in order to be named a beneficiary upon the grantor’s death, it might be appropriate to assert fraud.

Consult a Seasoned Bronx Trusts Lawyer

Whether you are interested in making a trust or contesting one, or you are a trustee defending against challenges to your actions in that role, it’s important to seek legal counsel to try to achieve the best outcome. Call Jules M. Haas now for a free confidential review of your case at (212) 355-2575 or contact him through his online form. We have more than forty years of experience providing personal representation and offer a reasonable and flexible fee arrangement.