Trusts

You can ensure that your assets are properly managed and held for the future use of family members by creating trusts. The assets held by a trust may be used to pay for necessary medical, educational and health related expenses for the trust's designated beneficiaries.

Trusts can be a component of your will or a separate legal entity. At times, it may be advantageous to use trusts to avoid the probate process or to minimize estate and income taxes. Transferring ownership of assets to a trust frequently removes those assets from your taxable estate and minimizes your Federal and State estate taxes. Assets may also be transferred during your lifetime to a charitable trust, allowing you to enjoy the use of the assets during your lifetime while maximizing the estate tax charitable deduction. 

 If you would like to speak to one of the highly qualified estate planning professionals from Novick & Associates to discuss how a trust can be used as a part of your estate planning, please contact us at (631) 547-0300 or click here for an immediate e-mail inquiry.

Contact our Trusts & Living Wills Attorneys today!