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Comprehensive Asset Protection, Tax Planning & Estate Planning Services in Cedarhurst

Building lasting wealth takes sacrifice and hard work over many years. But preserving that legacy for future generations and protecting it from potential creditors or liabilities? That’s an entirely different challenge – one that requires thoughtful planning and legal experience.

At Katz Law Firm, asset protection through specialized trusts is the cornerstone of what we do. Whether you’re an entrepreneur worried about financial exposure, a high net-worth individual concerned about estate taxes, or simply want to provide for your family’s long-term security, our New York trust attorneys design a comprehensive plan tailored to your specific situation and goals.

If preserving your wealth is a priority, don’t leave the future of your estate and business to chance. Call our New York trust lawyers today and gain confidence knowing your life’s accomplishments are shielded for the long haul.

Why Trusts Are an Important Part of Estate Planning

Trusts are legal entities that allow you to transfer control of your assets to a trustee (yourself or a third party), who then manages and distributes those assets according to your specific instructions.

By incorporating trusts into your estate plan, you can:

  • Avoid the lengthy probate process
  • Minimize federal and state estate and income taxes
  • Protect your assets from creditors and legal claims
  • Provide for loved ones with special needs without jeopardizing their eligibility for governmental benefits
  • Control how and when your beneficiaries will receive your assets
  • Save costs by avoiding probate expenses
  • Keep your financial affairs private and confidential

Our New York estate planning attorneys at the Katz Law Firm can draft a trust document that meets your legacy goals and guarantees your trustee will fulfill your wishes as intended.

Types of Trusts Used in Estate Planning

There’s no one-size-fits-all trust that works for every situation, just like clothing sizes cannot fit everyone perfectly.

The type of trust you establish depends on what you’re trying to accomplish. Are you looking to minimize estate taxes? Provide for a child or loved one with special needs? Or protect your assets from potential creditors and lawsuits? Different trusts lend themselves better to different goals.

Some of the most utilized types of trusts our clients draft and execute include:

Revocable Living Trusts

  • Offers flexibility and control, allowing you to modify or terminate the trust during your lifetime
  • Avoids probate, saving time and maintaining privacy
  • Provides for an easy transition of asset management in the event of temporary or permanent incapacity

Irrevocable Trusts

  • It cannot be easily changed or terminated once created, offering enhanced asset protection
  • Potential tax benefits and assets placed in an irrevocable trust are generally removed from your taxable estate
  • Limited control over assets since you relinquish ownership of the trust

Charitable Trusts

  • Allows you to support philanthropic causes while enjoying tax advantages
  • Can be structured as remainder trusts (benefiting charities after providing income to beneficiaries) or lead trusts (providing income to charity before distributing remaining assets to beneficiaries)
  • Offers a meaningful way to leave a lasting impact on causes you care about

Special Needs Trusts

  • Designed to provide for loved ones with special needs without jeopardizing their eligibility for governmental benefits
  • Beneficiaries use trust assets to enhance their quality of life while preserving access to Medicaid and Supplemental Security Income (SSI)

Generation-Skipping Trusts

  • Designed to transfer wealth to grandchildren while bypassing estate taxes for the children’s generation
  • Beneficiaries receive assets from the trust tax-efficiently, allowing more of the inheritance to remain intact

Spendthrift Trusts

  • Designed to protect assets from beneficiaries’ creditors by limiting their access and control over the trust funds
  • Beneficiaries receive distributions from the trust at the trustee’s discretion, shielding the inheritance from risks like bankruptcies, lawsuits, or divorces

Our experienced trust attorneys work closely with you to determine which trust best fits your circumstances and family objectives.

The Difference Between Trusts and Wills

While trusts and wills are both important estate planning tools, they serve different purposes and have distinct advantages.

A will is a legally binding document that outlines how you want your property and possessions divided after your death. It allows you to name beneficiaries for specific assets and appoint a guardian for minor children. However, a will only controls the disposition of probate assets – meaning any property owned solely in your name. It does not govern life insurance proceeds or retirement accounts, which transfer directly to named beneficiaries.

In contrast, a trust is designed to own and control the distribution of your assets both during and after your lifetime. Any property, accounts, or other holdings get legally transferred and re-titled to the trust, all dictated by the trust’s terms and managed by the assigned trustee. This allows assets in the trust to bypass the probate process entirely.

Trusts also provide additional benefits that wills cannot, such as:

  • Asset protection from creditors and lawsuits
  • Maintaining privacy over your finances
  • Setting conditions on how/when assets are distributed
  • Potential tax minimization strategies

For most people with substantial assets, having both a will and trust as complementary parts of their estate plan is recommended. The trust can hold and administer the core of your wealth as you’d like. At the same time, the will can act as a safety net for any remaining property by allocating it according to your wishes.

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Why You Need an Experienced NY Trust Lawyer to Create and Administer Your Trust

When it comes to creating a legally valid trust that accurately protects your assets and carries out your wishes in New York, there’s no room for error – you need professionals who live and breathe trust law.

When partnering with the Katz Law Firm for your trust needs, you’ll receive:

Comprehensive Estate Planning

Trusts are just one piece of the estate planning puzzle. Our attorneys can help you create a comprehensive plan that includes wills, powers of attorney, and other necessary documents. We take a holistic approach to estate planning so that your entire plan works harmoniously to achieve your goals.

Assistance with Trust Administration

After you draft and execute your trust, our team can provide ongoing trust administration and management support. We can help with tasks such as transferring assets into the trust, handling tax and reporting requirements, and assisting trustees in fulfilling their duties.

Representation in Trust Litigation

In the event of a trust dispute, our experienced estate litigators can provide skilled representation to protect your interests. We have several successful outcomes in handling trust litigation matters, from challenges to trust validity to disputes over trust interpretation and fiduciary litigation or trustee removal.

Leave Nothing to Chance – Consult a Specialized NY Trust Attorney

When your life’s work and your family’s future financial security are at stake, can you really afford to trust just any lawyer with your trust and estate plan? In New York, trust law is highly complex – one misstep can undermine your entire strategy.

That’s why you need a firm like ours, singularly focused on trust and estate planning. Our New York trust attorneys work with you to understand your goals, then custom-craft an airtight trust plan designed to preserve your wealth for generations while maximizing privacy and legal protections.

Whether you need asset protection trusts, special needs trusts, guidance for trustees, or trusted representation for any trust disputes, we’ve got you covered with experience that other generalists simply can’t match. Don’t roll the dice with your legacy. Lock it in with Katz Law Firm.

Contact us today to start developing your bulletproof estate planning strategy.

Adam Katz has been nothing but great from the moment I contacted him. He keeps me updated and informed of the details regarding my case. He is extremely knowledgeable, resourceful, and compassionate. Attorney Katz and his staff are working diligently on my behalf. I highly recommend this firm!

Rickey L.

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TAX & ESTATE PLANNING THAT GROWS WITH YOU

As Your Life Changes, So Should Your Estate Plan. Our Flexible Solutions Adapt To Your Unique Needs, Providing Ongoing Peace Of Mind.

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Our Process

FROM COMPLEXITY
TO CLARITY - YOUR ESTATE AND TAX PLANNING JOURNEY STARTS HERE

Crafting a lasting legacy that reflects your values and aspirations starts with a purpose-driven plan.

1
BOOK A CALL

Start your journey with a personal consultation to discuss your estate planning needs and questions.

2
OUTLINE YOUR GOALS

Define your legacy with clear goals for asset distribution, family protection, and wealth preservation.

3
CREATE YOUR PLAN

Craft a tailored estate plan that aligns with your objectives and provides legal protection for your assets.

4
PERFECT PEACE OF MIND

Finalize a secure, comprehensive plan for future certainty and peace of mind for you and your loved ones.

Let’s Get Started!
LET US HELP YOU PROTECT YOUR LEGACY

BOOK A FREE DISCOVERY CALL

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FAQ

FREQUENTLY ASKED QUESTIONS

new york tax and estate planning lawyers
01
What is the purpose of a trust?

The main purpose of a trust is to allow your assets to be legally owned, controlled, and distributed by the trust entity according to the exact terms you set rather than through a will or default inheritance laws.

02
What are the benefits of using a trust in your estate plan?

Key benefits include asset protection from creditors, avoiding probate, potential tax minimization, consolidated professional management of your wealth, ability to control distributions, and safeguarding for beneficiaries.

03
Why use a trust instead of a will?

Unlike a will which just dictates asset distribution after death, a trust allows your estate to bypass probate entirely while providing centralized oversight and protection of your assets during your lifetime as well. Trusts offer more control, privacy, and security.

Meet Our Dedicated Estate Planning Attorney

MEET ATTORNEY Adam Katz, YOUR LOCAL Cedarhurst, Ny ESTATE & TAX LAWYER

Our lead estate planning attorney, Adam Katz, is passionate about helping families and individuals navigate the complex world of estate planning with compassion and a personal touch.

With more than 17 years of experience in estate planning and probate law, Adam Katz has helped countless clients achieve peace of mind by crafting comprehensive plans tailored to their unique needs and goals. He takes the time to listen to your concerns, explain your options in plain language, and guide you through every step of the process.

Adam Katz believes that estate planning should be an empowering experience, not a daunting one. He is committed to building long- lasting relationships with clients, ensuring that your plan evolves as your life changes. Whether you’re just starting your estate planning journey or need to update an existing plan, Adam Katz is here to provide the knowledgeable guidance and support you deserve.

At Katz Law Firm, we understand that estate planning is not just about drafting documents; it’s about building relationships and creating a lasting impact.

Serving
New York City and:

CRAFTING YOUR
LEGACY, ONE DOCUMENT AT A TIME!