When we hear words like ‘revocable trusts’ and ‘beneficiaries,’ we tend to zone out a little. Our only exposure to these terms has probably been American television shows where it is always the wealthy friend who has a trust fund! They walk around in their expensive furs just waiting to turn 21 so they can inherit the contents of the trust set up by their granters. Well, TV has got a few things right. It is possible to set up a revocable trust such that the beneficiary doesn’t get access to it until a certain age—but it is not just the loaded few who should consider them as viable options.
If you want to remove assets from the reach of creditors, reduce estate tax, and transfer assets to a minor or an irresponsible family member, you should be looking into setting up a revocable trust in Queens.
Here is everything you need to know about setting up a living trust in the state of New York.