Long Island trusts attorney Seth Schlessel (https://www.schlessellaw.com/advantages-and-disadvantages-of-creating-a-living-trust/) of Schlessel Law, PLLC has recently published a comprehensive and insightful article entitled ‘Advantages and Disadvantages of Creating a Living Trust’. The article covers essential aspects of estate planning, focusing on the importance and practicality of living trusts as tools for asset management.
In the article, Long Island trusts attorney Seth Schlessel, addresses the significance of having an effective estate plan that incorporates personal concerns and goals. He explains the mechanisms of living trusts, and how they enable individuals to control and secure their assets for their beneficiaries. Schlessel emphasizes that “Trusts are an important part of estate planning which allows individuals to manage their assets effectively.”
In addition, Schlessel breaks down the different types of living trusts into revocable and irrevocable trusts. He explains that the choice between these two options depends on individual goals and circumstances. As the Long Island trusts attorney notes, “It is important to weigh the pros and cons of each option before deciding which kind of trust you want to establish.”
Schlessel’s article further highlights the numerous advantages of a revocable living trust, such as avoiding probate, maintaining financial control, protecting assets in case of incapacity, and ensuring privacy. He elaborates on each advantage, such as avoiding the time-consuming and potentially costly probate process, and protecting one’s assets and privacy through a living trust. He states, “A living trust is meant to own the grantor’s assets throughout their lifetime and to house as many assets as possible.”
However, Schlessel also advises caution and awareness of the potential downsides, such as the costs associated with creating and updating a trust, the lack of tax advantages, and limited asset protection capacity. He stresses the importance of carefully considering these factors in order to make an informed decision that best serves an individual’s interests and those of their loved ones.
Additionally, Schlessel emphasizes that trusts are not a universal solution and should be tailored to meet specific estate planning needs. For those who have minor children or children with special needs, establishing a living trust can provide additional options to ensure ongoing care.
In light of the detailed information provided, readers are encouraged to take into account their personal financial situation and estate planning goals, and to seek qualified legal guidance in navigating the intricacies of establishing living trusts. Schlessel’s article acts as an invaluable resource for those looking to make informed decisions in estate planning.
For individuals seeking to create a sustainable and efficient estate plan, it is highly recommended to delve into Seth Schlessel’s article and consider scheduling a consultation with a knowledgeable attorney to discuss the possibilities and options that best suit each person’s unique circumstances.
About Schlessel Law, PLLC:
Schlessel Law, PLLC, based in Long Island, New York, is dedicated to providing families with quality legal advice in all matters of estate planning and probate law. The firm is committed to assisting clients in creating trust documents that reflect the needs and goals of both the individual and their family, ensuring a lasting legacy for beneficiaries. With a team that is well-versed in the nuances of estate planning, Schlessel Law, PLLC stands as a resource for individuals and families seeking to safeguard their assets and ensure peace of mind for the future.
Schlessel Law PLLC
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