As the world of estate law continues to grow in complexity, Long Island estate planning attorney Seth Schlessel (https://www.schlessellaw.com/pros-and-cons-of-irrevocable-trust-vs-a-life-estate/) of Schlessel Law, PLLC, is shining a spotlight on the subject with the release of his new article, ‘Pros and Cons of Irrevocable Trust Vs. a Life Estate.’ He navigates the intricate landscape of estate planning and addresses the critical aspects that can often seem overwhelming for those without prior experience in the field.
The Long Island estate planning attorney makes it clear that estate planning is an essential tool for securing assets and ensuring wishes are respected. The article highlights two principal ways to ensure desires are adhered to: an irrevocable trust and a life estate. However, Schlessel cautions that these options are not one-size-fits-all solutions. “Depending on the financial situation, either one of the two options can be a better choice in the unique scenario,” Schlessel says.
In his article, the Long Island estate planning attorney breaks down the intricate details of an irrevocable trust and a life estate. An irrevocable trust, he explains, is a tool where a grantor places their assets and is unable to modify or end the trust’s terms once it is created. “With a well-executed trust, individuals can retain ownership of their property while protecting their estate,” Schlessel points out.
On the other hand, a life estate is a property that a person owns and uses for the duration of their life. “By creating a life estate, the ownership of the property can pass on to the beneficiaries without the need for a lengthy probate process,” Schlessel notes.
Schlessel’s article further outlines the benefits and drawbacks of both irrevocable trusts and life estates. He explains that a life estate allows for easy property transfer and eligibility for Medicaid or other low-income programs. However, it does not offer protection from creditors or estate taxes.
An irrevocable trust, meanwhile, removes liabilities from the grantor but may also mean giving up control over profits or income from the assets. “For those who have large estates, an irrevocable trust can help lessen estate taxes that may be incurred when the grantor passes away,” states Schlessel.
The Long Island estate planning attorney also provides key insights into potential pitfalls and tax implications associated with both options, emphasizing the importance of consulting with a skilled estate planning lawyer.
Schlessel suggests that choosing between an irrevocable trust or a life estate should be based on one’s specific financial situation and goals. He argues that it can be beneficial to consult with a skilled attorney to ensure that any decisions made will be legally binding, prevent mistakes, and alert individuals to any contingencies they might have missed during the planning process.
For those seeking guidance in navigating the complex landscape of estate planning, Seth Schlessel’s comprehensive article ‘Pros and Cons of Irrevocable Trust Vs. a Life Estate’ serves as an invaluable resource. It offers readers an in-depth understanding of estate planning tools and the knowledge to make informed decisions about their assets and the future of their families.
To read the full article, visit the Schlessel Law, PLLC website.
About Schlessel Law PLLC:
Schlessel Law, PLLC is a law firm based in Long Island, New York, experienced in estate planning. The firm is led by Seth Schlessel, a dedicated attorney with a deep understanding of the complexities of estate law. Schlessel and his team are committed to providing personalized guidance tailored to their clients’ specific needs and goals. They understand the importance of securing assets and ensuring that their clients’ wishes are honored. Schlessel Law, PLLC is known for its comprehensive approach to estate planning, ensuring that every client receives the attention and profound knowledge necessary to secure their assets and the future of their families.
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