Estate planning in Staten Island is not really an easy job to do. You have to pay all these costs, spends hours with an attorney and make tough decisions about your life’s earning and whom it should go to.
Also, the constant lingering thought of your own death or incapacity is not exactly fun. However, you realize it’s a necessity and an entry in your life’s to-do list that needs to be checked off. Without it, the consequences are much harder to deal with.
Trusts are one of the valuable tools used by estate planning lawyers in Brooklyn to help clients protect their assets, decrease tax liability, and ensure their loved ones are cared for.
An irrevocable trust in Staten Island is drafted with the intention of long-term protection and tax benefits. One of the main features that separate irrevocable trusts from their counterparts is the ability to make changes.
Revocable trusts allow grantors to have more room to amend the trust. They can add or remove assets and change the instructions or beneficiaries without asking for permits. Changes can be made until the grantor’s death. An irrevocable trust, on the other hand, is more “final”.