Long Island estate planning attorney Seth Schlessel (https://www.schlessellaw.com/what-long-island-residents-should-know-about-irrevocable-trusts/) of Schlessel Law has released a new article entitled “What Long Island Residents Should Know About Irrevocable Trusts” to guide on the topic. The article is aimed at those who are interested in learning more about irrevocable trusts, which are a type of trusts that cannot be revoked or amended once they are created.
As an experienced Long Island estate planning attorney, Seth Schlessel understands the importance of estate planning and ensuring that his client’s assets are protected. He emphasizes that irrevocable trust can be an important tool in achieving this goal, stating:
“An irrevocable trust can be an effective way to protect your assets and provide for your loved ones.” The Long Island Estate Planning Attorney said. “By placing your assets in a trust, you can avoid probate, reduce estate taxes, and protect your assets from creditors and other potential threats.”
The article goes on to provide a comprehensive overview of irrevocable trusts, including the types of assets that can be placed in a trust, the benefits and drawbacks of using an irrevocable trust, and the different types of irrevocable trusts that are available.
In discussing the benefits of irrevocable trusts, Schlessel notes that they can be particularly useful for those who have significant assets and want to protect them from estate taxes:
“If you have a large estate, an irrevocable trust can help you reduce your estate tax liability and ensure that more of your assets go to your loved ones instead of the government. It can also be a good way to protect your assets from creditors or other potential threats.”
In addition to discussing the benefits of irrevocable trusts, the article also addresses some of the potential drawbacks of using this type of trust, such as the loss of control over the assets that are placed in the trust.
“If you are interested in learning more about irrevocable trusts and how they can benefit your estate planning goals, it is important to consult with an experienced Long Island estate planning attorney. Contact Schlessel Law today to schedule a consultation.”
Overall, the article provides a valuable resource for Long Island residents who are interested in estate planning and want to learn more about the benefits and drawbacks of using irrevocable trusts.
A trust is a legal instrument that establishes a vehicle to hold specific assets, which a trustee then manages on behalf of the beneficiary or beneficiaries of the trust. In the context of estate planning, trusts are commonly employed to transfer assets directly to beneficiaries, thereby bypassing the probate process. Additionally, they offer a suitable method for guaranteeing that reckless or incapacitated beneficiaries receive financial support even if they are unable to manage an inheritance. It is advised to seek advice from a skilled Long Island estate planning attorney before making any decisions.
About Schlessel Law:
Schlessel Law is a Long Island-based law firm that provides legal services in estate planning, elder law, and real estate law. Founded by Seth Schlessel, the firm is dedicated to providing high-quality legal services to individuals and families throughout Long Island. With a focus on personalized service and attention to detail, Schlessel Law is committed to helping clients achieve their estate planning goals and protect their assets for future generations.
Schlessel Law PLLC
34 Willis Ave Suite 300