Melnik Law Group, PLLC

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Irrevocable Trusts in New York City

Brooklyn and Manhattan Area Trust Attorney

Irrevocable trusts are an important part of building an effective estate plan. Whether you are a high net worth individual or have limited assets, you may wish to protect your estate from taxation, provide for your loved ones and limit probate. A properly established irrevocable trust may be able to help you accomplish these goals. With a New York City estate planning attorney at Melnik Law Group, PLLC to guide you through the process of setting up a trust or trusts that address your unique needs, you can feel confident that you are one step closer to a foolproof estate plan.

What is an Irrevocable Trust?

A trust is a legal arrangement made wherein a party (the trustee) is entrusted with property or money for the benefit of another (the beneficiary). An irrevocable trust is a type of trust that cannot be modified or terminated without the permission of the beneficiary. Irrevocable trusts are primarily set up in order to protect one's estate and limit taxes. Because the person who sets up the trust (the grantor) has essentially removed all ownership or authority over the property, it is essentially removed from the grantor's estate. An irrevocable trust may include different types of property: cash, life insurance policies, investment assets or a business.

An irrevocable trust may offer numerous benefits to the grantor, enabling him or her to provide for loved ones, protect valuable assets from taxation and avoid lengthy probate upon his or her passing. They are also helpful for the parent of a dependant or disabled adult child, enabling the grantor to ensure the financial stability of the beneficiary.

If you are considering setting up irrevocable trusts and would like more information on this important topic, an attorney at our law firm can help. We are highly experienced in helping clients in Manhattan, Brooklyn and throughout New York City with all types of estate planning and trust-related matters and will take the time to talk to you about how we can address your unique concerns.

Contact a New York City irrevocable trust lawyer at Melnik Law Group, PLLC today.

Rockefeller Center 7th floor 1230 Ave. of the Americas New York, NY 10020
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. Prior results do not guarantee a similar outcome. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
Melnik Law Group, PLLC - New York City Estate Planning Attorney
Located at One Rockefeller Plaza, 10th Floor New York, NY 10020. View Map
Phone: (800) 517-5110
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