Renowned Long Island estate planning lawyer Seth Schlessel (https://www.schlessellaw.com/pros-and-cons-of-irrevocable-trust-vs-a-life-estate/) of Schlessel Law PLLC, has contributed an article titled ‘Pros and Cons of Irrevocable Trust Vs. a Life Estate’. The article offers a clear, concise discourse on the complex landscape of estate law, providing valuable insights to individuals seeking to protect their assets and ensure their rightful transfer.
In the first few lines, the Long Island estate planning lawyer underscores the complexity of estate planning, given the myriad options available for asset protection. He further underscores the importance of making informed decisions about asset management. “Estate planning can be a useful tool in making sure assets are transferred or made available to the right person at the right time,” states Schlessel.
The article goes on to detail the concept of an irrevocable trust, a highly effective tool, Schlessel explains, for avoiding hefty estate taxes, paying for long-term care, and safeguarding assets from potential lawsuits. “With a well-executed trust, you can retain ownership of your property while protecting your estate,” he affirms. As a Long Island estate planning lawyer, Seth Schlessel has extensive experience in creating trusts that protect and preserve his clients’ assets.
The piece also contrasts irrevocable trusts against life estates, another common estate planning tool. While both have their merits, Schlessel emphasizes the importance of understanding the implications of each, particularly in relation to tax liabilities and asset control. He advises, “Before making a decision, consult a Long Island estate planning lawyer. Their insight may help determine which option best serves you or your family’s future.”
Further into the article, Schlessel delves into the benefits and drawbacks of both irrevocable trusts and life estates. He provides practical examples to illustrate their potential impacts and discusses their roles in relation to Medicaid eligibility and estate taxes. Each tool, he remarks, has its advantages and disadvantages, and their choice should be guided by the unique needs and circumstances of the individual or family.
“Weighing the pros and cons of an irrevocable trust against a life estate requires a holistic understanding of your financial situation and future goals,” says Schlessel. “At Schlessel Law, PLLC, we’re committed to assisting families in finding the best path for their estate planning needs.”
As the article concludes, readers are reminded of the invaluable role a lawyer plays in estate planning. The journey through estate law can be a labyrinthine one, but with the guidance of a seasoned professional like Seth Schlessel, the path can become clearer.
To learn more about Schlessel Law PLLC and the services offered by Seth Schlessel, read the full article on ‘Pros and Cons of Irrevocable Trust Vs. a Life Estate’ available online.
About Schlessel Law PLLC:
Schlessel Law PLLC is a premier law firm situated in Long Island, New York, widely experienced in estate planning. Committed to providing personalized and comprehensive estate planning services, Schlessel Law PLLC prides itself on its ability to navigate the complexities of estate law with precision, professionalism, and a keen understanding of its clients’ unique needs. From the creation of wills and trusts to the administration of estates and advice on tax implications, the firm offers an extensive array of services designed to safeguard assets and ensure their rightful transfer.
Embeds:
Youtube Video: https://www.youtube.com/watch?v=zRdTScDQPLQ
GMB: https://www.google.com/maps?cid=7387587768064061142
Email and website
Email: seth@schlessellaw.com
Website: http://www.schlessellaw.com/
Media Contact
Company Name: Schlessel Law PLLC
Contact Person: Seth Schlessel
Email: Send Email
Phone: (516) 574-9630
Address:34 Willis Ave Suite 300
City: Mineola
State: New York 11501
Country: United States
Website: http://www.schlessellaw.com/