Queens New York Fideicomiso revocable para la protección de activos - Revocable Trust for Asset Protection

• Category: Fideicomisos - Revocables - Acuerdos - Connecticut
• State: Multi-State
• County: Queens
• Control #: US-01677BG-10
• Format: Word

Description

This form is a general form of a revocable trust agreement. Trusts can be revocable or irrevocable. The revocable trust can be amended or discontinued at any time. An irrevocable trust cannot be modified or discontinued. Queens New York Revocable Trust for Asset Protection refers to a legal structure utilized by individuals in Queens, New York, to safeguard their assets and ensure their proper management during their lifetime and even after their passing. It involves the creation of a trust agreement, where the assets owned by the granter, or the person making the trust, are transferred to a trustee who manages and administers them on behalf of the beneficiaries. Asset protection is a significant consideration when it comes to estate planning, and a revocable trust provides a flexible and versatile option. By establishing a Queens New York Revocable Trust for Asset Protection, individuals can maintain control over their assets while offering protection against potential creditors and legal disputes. It allows for the easy modification or revocation of the trust, ensuring adaptability to changing circumstances or preferences. There are various types of Queens New York Revocable Trusts for Asset Protection that cater to specific needs and goals of individuals. Some common types include: 1. Living Revocable Trust: This type of trust takes effect during the granter's lifetime and allows them to retain full control and access to their assets. It provides flexibility and ensures a smooth transfer of assets upon the granter's death, avoiding the need for probate. 2. Marital Revocable Trust: Also known as a "spousal trust" or "A-B trust," this option is designed for married couples to maximize estate tax savings while protecting assets for the surviving spouse and future generations. It allows the assets to be divided into two portions, with one portion benefiting the surviving spouse. 3. Irrevocable Life Insurance Trust (IIT): Although not revocable, an IIT is a valuable asset protection tool for Queens residents. It involves the creation of an irrevocable trust solely for the purpose of owning one or more life insurance policies. This ensures that the life insurance proceeds are kept outside the granter's estate and are protected from potential creditors or estate taxes. 4. Credit Shelter Trust: Also referred to as a "bypass trust" or "family trust," this type of revocable trust allows a granter to utilize their federal estate tax exemption amount while providing asset protection for the beneficiaries from future estate tax liabilities. In Queens, New York, individuals seeking asset protection can consult with qualified estate planning attorneys to determine the most suitable type of revocable trust based on their specific circumstances, goals, and concerns. Setting up a Queens New York Revocable Trust for Asset Protection enables individuals to secure their financial legacy, reduce estate taxes, provide for loved ones, and maintain privacy while preserving their hard-earned assets for generations to come.

Queens New York Revocable Trust for Asset Protection refers to a legal structure utilized by individuals in Queens, New York, to safeguard their assets and ensure their proper management during their lifetime and even after their passing. It involves the creation of a trust agreement, where the assets owned by the granter, or the person making the trust, are transferred to a trustee who manages and administers them on behalf of the beneficiaries. Asset protection is a significant consideration when it comes to estate planning, and a revocable trust provides a flexible and versatile option. By establishing a Queens New York Revocable Trust for Asset Protection, individuals can maintain control over their assets while offering protection against potential creditors and legal disputes. It allows for the easy modification or revocation of the trust, ensuring adaptability to changing circumstances or preferences. There are various types of Queens New York Revocable Trusts for Asset Protection that cater to specific needs and goals of individuals. Some common types include: 1. Living Revocable Trust: This type of trust takes effect during the granter's lifetime and allows them to retain full control and access to their assets. It provides flexibility and ensures a smooth transfer of assets upon the granter's death, avoiding the need for probate. 2. Marital Revocable Trust: Also known as a "spousal trust" or "A-B trust," this option is designed for married couples to maximize estate tax savings while protecting assets for the surviving spouse and future generations. It allows the assets to be divided into two portions, with one portion benefiting the surviving spouse. 3. Irrevocable Life Insurance Trust (IIT): Although not revocable, an IIT is a valuable asset protection tool for Queens residents. It involves the creation of an irrevocable trust solely for the purpose of owning one or more life insurance policies. This ensures that the life insurance proceeds are kept outside the granter's estate and are protected from potential creditors or estate taxes. 4. Credit Shelter Trust: Also referred to as a "bypass trust" or "family trust," this type of revocable trust allows a granter to utilize their federal estate tax exemption amount while providing asset protection for the beneficiaries from future estate tax liabilities. In Queens, New York, individuals seeking asset protection can consult with qualified estate planning attorneys to determine the most suitable type of revocable trust based on their specific circumstances, goals, and concerns. Setting up a Queens New York Revocable Trust for Asset Protection enables individuals to secure their financial legacy, reduce estate taxes, provide for loved ones, and maintain privacy while preserving their hard-earned assets for generations to come.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.