On Monday, Futterman & Lanza, LLP updated estate planning documents for a client living in St. James, NY. He revised his last will and testament to leave his estate to his daughter in a trust versus leaving her inheritance outright to her. The trust was designed to protect her inheritance from creditors and matrimonial disputes. The client came to our Smithtown, NY office located at 222 East Main Street, Suite 314, Smithtown, NY.
Clients will often try to do their children a favor by leaving assets in trusts for their children’s protection. Where there are several children, each child can act as co-trustee of the trust with one of their siblings. This ensures future cooperation and good relations. However, provisions within the trust allow the beneficiary child to remove and replace a trustee that can no longer work well with the beneficiary child.
This type of trust is called a testamentary trust as it is created within a last will and testament; hence, it will not come in to effect until the client passes. Compare this to a “living” trust where the trust exists and works now.
Futterman & Lanza, LLP has offices in Smithtown, NY, Valley Stream, NY, Southhampton, NY (by appointment only) and Babylon, NY (by appointment only).
Futterman & Lanza, LLP has clients throughout Suffolk, Nassau, Queens, Brooklyn, Bronx, Richmond, New York, Westchester, and Rockland Counties.
Futterman & Lanza, LLP concentrates its practice to Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Probate, Estate Taxes, and Estate Administration.