Trusts & Estate Planning

Trusts are legal documents created for the protection of assets, beneficiaries or both. For a family that has worked and saved money for decades, Trusts are a wonderful tool to maintain the family’s financial strength.  Trusts offer flexibility and continuity

 

Our first conversation, whether it is in your home or our office, is about priorities.  Is there an expectation of long term medical care with significant costs?  Are there assets that require specific planning and estate tax advisement?  Does someone own a vacation home outside of New York?  Are there family members that don’t see eye to eye?  The type of Trust that fits with your priorities depends on these questions. 

 

Supplemental Needs Trusts

 

There are important government programs and entitlements which assist the disabled with paying for daily care and a range of specialized services.  These entitlement programs have means based eligibility.  Qualifying means having limited available assets and income.  Supplemental Needs Trusts (SNT’s) allow family members to set aside protected money to cover certain expenses and quality of life comforts for their disabled loved one.  The disabled individual’s own money can fund a SNT in some circumstances.  SNT’s are utilized by disabled adults and children.

 

Insurance Trusts

 

Irrevocable Life Insurance Trusts protect Life Insurance proceeds from estate taxation.  Surviving spouses and children will have a protected asset that can provide financial support following the death of a loved one.

 

There are many difference types of trusts, each of which can be customized to serve a valuable purpose in accomplishing the wishes of those making gifts or planning an estate plan. The experienced attorneys at Sloan & Feller can help you assess your finances and goal to determine the best way to preserve your wealth and your legacy.