A vehicle used to transfer assets for a wide range of purposes.
A revocable trust is a document where the grantor transfers property (personal and/or real) into a trust that is managed by a trustee who most often will also be the grantor. Most revocable trusts name the grantor as the trustee to maintain control over the assets. Most revocable trusts will utilize the Social Security number of the grantor. These Trusts are not probated in the surrogate court. Many people will choose a revocable trust if they want to avoid their assets going through probate and would like to make distribution easier upon their beneficiaries once they pass. Others may choose this trust to simplify their estate upon passing and to keep the ownership and control in their hands until their passing.
An Irrevocable trust functions much like the revocable trust, however in an irrevocable trust the grantor may not be the trustee. The ownership and control of this trust must be handed to a third-party usually an adult child. This trust also obtains its own identification number (EIN) used in place of the grantor’s Social Security number. Upon the passing of the grantor these assets that are inside the irrevocable trust will not be included in the decedent’s estate. Irrevocable Trusts are mainly used in elder law planning and are not subject to probate.
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Other widely used trusts skillfully prepared by this office are:
Staten Island Office:215B Joline Ave, Staten Island, NY 10307
Long Island Office:3075 Veterans Memorial Highway, St 130, Ronkonkoma, NY 11779
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