Long Island Trust Lawyer Seth Schlessel Discusses The Purpose And Benefits Of A Trust

Long Island trust lawyer Seth Schlessel (https://www.schlessellaw.com/long-island-trust-law-firm/) releases a new article on their website that explains the purpose and benefits of having a Trust. The firm's founder, attorney Seth Schlessel, explains that having a well-designed estate plan can help families protect their assets, ensure business succession, and help loved ones avoid estate or death taxes.

“Trusts and wills are two of the most popular estate planning tools. A Will is a basic document that outlines a person's wishes about assets and who should be the beneficiaries. They are generally beneficial for small estates. Trusts can be a better choice for complex estates that have more assets. After an owner transfers the assets to a Trust, the trust will protect the assets against creditors and taxes,” the article from the Long Island trust lawyer says.

Suffolk County attorney Seth Schlessel adds that a Trust is an important estate planning tool that allows the owner to set up their assets. The party who is designated to manage the estate is called the trustee. The creator of the Trust is referred to as the grantor or creator. Sometimes, the trustee and the grantor may be the same person.

In the article, attorney Schlessel adds that Trusts can be used to protect assets, avoid probate, reduce estate taxes, and provide protection for vulnerable beneficiaries, and funds for charities. The most common types of trusts on Long Island include irrevocable trusts, special needs trusts, irrevocable life insurance trusts, revocable trusts, and charitable trusts.

According to the Nassau County estate planning attorney, “After a trust is created and named, funding the Trust is your next step. The act of funding a Trust is simply the transfer of assets to the Trust. This makes the Trust the new owner of your assets. It is important to note that your Trust should be a tool to protect and hold your assets. It is worthless unless you actually put the assets in it. Transferring assets to a fund involves renaming assets to become Trust-owned.”

Lastly, attorney Schlessel emphasizes that having an estate planning lawyer is important in order for the client to save money while also planning their future in an efficient manner.

About Schlessel Law PLLC

Seth Schlessel is the founder of Schlessel Law PLLC. As a skilled estate planning attorney, Mr. Schlessel understands the importance of a comprehensive estate plan for a family’s future. He and his team have helped many families preserve their assets and ensure that a person’s wishes are carried out the way they want. Aside from estate planning, the firm also helps with elder law, personal injury law, and startup/corporate law in Nassau County or Suffolk County. Contact us today to learn more.

Schlessel Law PLLC | Long Island Elder Law Attorney

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