Trusts and Estate Planning in New York
We provide expert, personalized guidance on wills, trusts, and comprehensive estate planning strategies – protecting what matters most and ensuring your legacy is honored exactly as you intend.
Over a Decade of
Experience
New York State Bar Association (NYSBA) Member
Navigate New York State Regulations
Elder Law
Ensure your assets are protected & distributed according to your wishes
At Abraham Mazloumi & Associates, we understand that planning for the future can be complex. Our dedicated team provides comprehensive trusts and estate planning services in New York, helping you protect your legacy and secure your family’s financial well-being. We offer personalized legal guidance tailored to your unique circumstances, ensuring your wishes are honored while navigating the intricacies of estate law.
Our services encompass a wide range of estate planning tools, including:
• Last Will and Testament: A fundamental estate planning document that allows you to designate beneficiaries, name guardians for minor children, and appoint an executor to manage your estate. Without a will, New York State law dictates how your assets are distributed.
• Revocable Living Trusts: Providing flexibility and probate avoidance, these trusts allow you to maintain control over your assets during your lifetime while ensuring a smooth transfer to beneficiaries upon your passing.
• Irrevocable Trusts: Offering significant asset protection and potential tax benefits, irrevocable trusts can be tailored to meet specific needs, such as Medicaid planning or providing for loved ones with special needs.
• Special Needs Trusts: Preserve government benefits while providing supplemental financial support for beneficiaries with disabilities.
• Charitable Trusts: Support your philanthropic goals.
• Probate and Estate Administration: We guide executors and beneficiaries through the often complex probate process in Surrogate’s Court, ensuring efficient and compliant estate administration.
Our experienced attorneys will work closely with you to develop a customized estate plan that addresses your specific goals, whether you’re planning for incapacity, or ensuring a smooth transfer of assets to your heirs.
Trust and estate planning services tailored to you
Call us now for a
consultation
Revocable and irrevocable trusts
Revocable living trusts
A revocable living trust offers flexibility and control over your assets while avoiding probate. As the grantor, trustee, and initial beneficiary, you manage the trust, maintaining full control during your lifetime (including changing beneficiaries, modifying, and even revoking the trust.) Upon your passing, the successor trustee seamlessly manages and distributes assets to your heirs, bypassing the delays and costs of probate.
A pour-over will can address assets not titled within the trust at the time of death, ensuring they are transferred into the trust (after they have gone through probate) according to your wishes.
Revocable trusts do not protect the grantor’s assets but they can 1) offer asset protection for beneficiaries 2) help avoid guardianship proceedings if the grantor becomes incapacitated.
Irrevocable trusts
Irrevocable trusts offer significant benefits, including asset protection from creditors.
Transferring assets into an irrevocable trust also removes them from your taxable estate, which can help reduce estate taxes.
However, an irrevocable trust cannot be easily modified or revoked once established. You typically require beneficiary and/or trustee consent to change beneficiaries or retrieve assets.
This type of trust is a powerful tool for Medicaid planning, as assets placed in an irrevocable trust may not count toward Medicaid eligibility. But it requires careful consideration and professional legal guidance due to its permanence and legal complexity.
Trust and estate planning legal services in New York
Call us now for a
consultation
Wills vs. trusts
A will is essential for designating beneficiaries and naming an executor to oversee the distribution of your estate. However, trusts offer greater flexibility and control over your assets and their distribution (both during your lifetime and after your passing.)
- Protect assets: Safeguard your legacy from creditors and potential lawsuits.
- Avoid probate: Bypass the court-supervised probate process for smooth, private, and swift transfer of assets to beneficiaries.
- Plan for incapacity: Allow a successor trustee to manage your affairs in the event you become unable to do so, avoiding the need for guardianship proceedings.
- Address beneficiary contingencies: Protect assets in situations like divorce, bankruptcy, or disability.
- Control asset distribution: Dictate when and how beneficiaries receive their inheritance, such as in stages or upon meeting certain conditions.
How it works
Initial Consultation
We’ll discuss your family’s needs, financial goals, and estate planning objectives.
Strategy
We’ll develop a customized plan using the most appropriate legal tools, such as wills and trusts.
Implementation
We handle all legal complexities & documentation, ensuring a smooth and stress-free experience.