It’s not all that uncommon for people to shy away from thinking about death and what happens to their stuff after they die. Of course, no one likes to think about their own mortality, but this particular issue is one that demands a certain amount of attention. That is why it’s important that a person considering their affairs after they have passed away should consider an estate planning or Trusts Attorney Nassau County NY.
Legally Avoiding Taxes
Not everyone will be able to set up a trust, but for those that can, a trust is an excellent option in order to streamline the process of a person’s assets being disseminated. In addition, establishing a trust can effectively remove any issues with a person’s estate being hit with the dreaded estate or death tax.
Not Everyone Pays the Estate Tax
One issue that people are often misinformed about is the estate tax. Many people feel that what they leave their family members will be subject to this tax regardless of the value of their estate. However, the estate tax is only charged to estates that are valued at over $5 million dollars.
What is a Trust?
A trust is when someone prepares to hand their estate over to another person or entity. It is usually created with the help of a Trusts Attorney in Nassau County NY. A trust can be managed by a family member, an attorney or it can be self-managed. However, it is important to work with a lawyer in order to legally transfer assets over to a trust.
The Benefits of a Trust
Why this is beneficial is when a person passes away, they legally have no assets on which to be taxed. Since all they own is owned by the trust, and the trust is not a personal entity, it cannot be taxed under the estate tax. This also can be used to streamline family members receiving assets without the hassle of the probate system.
The establishing and upkeep of a trust is an expensive and complicated matter, and it should always be handled by an estate planning or Trusts Attorney Nassau County NY. That’s why, if you have a significant estate that you’ll be leaving behind when you die, if you want to avoid costly taxes and long drawn out legal processes, you may want to contact The Law Offices of Peter Morra in Nassau County NY.
