trust settlement
Cut Out the Red Tape
between your beneficiaries and their gifts.
Three parties must be present when a trust is created: a Grantor who creates and funds the trust, a Trustee who holds legal title and control over the trust, and Beneficiaries who receive trust funds. During your lifetime, it is customary for you to hold all three roles if you settle a revocable trust, the most popular trust type.
The "magic" of a trust occurs when you pass away, and the successor trustees you select may act immediately, without court intervention or the delays and significant fees that come with it. An additional benefit of settling a trust is its status as its own legal entity that can purchase and sell property during the Grantor's life.
Avoid Probate
retain control
seAmless transfer
Determine Whether a Trust is Right for You
The Benefits of Using a Trust
There are many advantages to using a trust over a Will:
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Assets pass straight to your beneficiaries when you pass away, without going through probate and without ending up on the public record.
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The Grantor can set conditions on when and how beneficiaries receive assets, protecting them even from themselves if they are not financially responsible.
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Assets placed in an irrevocable trust leave the Grantor's taxable estate, provided the Grantor lives three (3) or more years after the transfer.
Trust Requirements
After a trust is settled, it must be funded. The trust only controls assets that have been formally transferred into it by deed, assignment, or retitling. Selecting a trustee with the time and understanding to manage the trust is equally important, whether that's you during your lifetime or a successor later on. We guide every client through completing this transfer process.
settle your trust
Determine Which Trust Type Is Right for You
Our office prepares many different trust types, based on our clients' specific goals (tax minimization, asset protection, Medicaid eligibility), how much control you or your beneficiaries wish to exert over the trust, and which trust will best serve your intended beneficiaries. Below are the most popular trust types requested by our clients.
Revocable Living Trust (RLT)
A Grantor moves assets into the trust during their lifetime while continuing to control them as trustee. It avoids probate, keeps your estate private, and allows seamless management if you become incapacitated. To take effect, it must be funded by retitling your assets into the trust's name.
Special Needs Trust (SNT)
An SNT sets aside assets for a loved one with a disability without jeopardizing their Medicaid or Supplemental Security Income eligibility. It helps pay for things that improve their quality of life, such as housing, education, and recreation, beyond what those benefits already cover. It must be irrevocable and funded with assets that do not belong to the beneficiary.
Marital (QTIP) Trust
A QTIP provides for a surviving spouse while letting you control where the assets ultimately go. Your spouse receives all trust income for life, and the remaining principal passes tax-free to the beneficiaries you name. It is especially valuable for blended families and second marriages.
Disclaimer Trust (DT)
A DT gives a surviving spouse or beneficiary the choice to redirect certain assets into the trust rather than accept them outright. Disclaimed assets are then held for other beneficiaries, allowing tax-efficient transfer and creditor protection. The disclaimer is irrevocable and must be made within nine (9) months of the Grantor's death.
Medicaid Asset Protection Trust (MAPT)
A MAPT preserves assets for your heirs while helping you qualify for Medicaid. You give up control of the principal but may continue to receive the income within allowable limits. Because of a five (5) year look-back period, it should be settled well before you expect to need Medicaid.
Irrevocable Life Insurance Trust (ILIT)
An ILIT owns your life insurance policy so the proceeds stay outside your taxable estate. You gift cash to the trust to cover premiums, and a trustee manages the payout for your heirs. You must survive at least three (3) years after transferring the policy for the exclusion to apply.
When it comes to settling a trust, choosing the right attorney ensures the process is smooth, efficient, and stress-free. The Law Office of Jason D. Jones, P.C. brings expert knowledge, attention to detail, and a personalized approach to managing every aspect of trust settlement. With our guidance, you can feel confident that your trust is being handled with the highest level of professionalism and care.
Avoiding Probate
Probate in the New York metro area is a costly, time-intensive, long-drawn-out process that can take years to complete, while Trust Settlement provides a seamless transition of assets to beneficiaries.
Revocability
Trust settlement services streamline the process, reducing delays and ensuring timely completion of each step, from asset inventory to distribution.
Trustee Selection
Grantors may "test out" various trustees during their lives to ensure that only the most responsible trustees will manage trust assets upon the death or incapacity of the Grantor.
Tax Ease and Minimization
Grantors who use RLTs need not worry about how capital gains taxes are assessed by the trust, because RLTs act as Will substitutes during life, so any gains or losses show up on the Grantor's own annual tax return.
Immediate Use
Once a trust is settled, it can be used by the Grantor to own, buy, and sell assets so they can be held in one place.
Checks on Beneficiary
Grantors may place any number of restrictions or conditions that trust beneficiaries must satisfy before receiving their bequests.
Key Trust Benefits
Key Trust Benefits
When it comes to settling a trust, choosing the right attorney ensures the process is smooth, efficient, and stress-free. The Law Office of Jason D. Jones, P.C. brings expert knowledge, attention to detail, and a personalized approach to managing every aspect of trust settlement. With our guidance, you can feel confident that your trust is being handled with the highest level of professionalism and care.
Avoiding Probate
Probate in the New York metro area is a costly, time intensive and long drawn out process that can take years to complete while Trust Settlement provides seamless transition of assets to beneficiaries.
Revocability
Trust settlement services streamline the process, reducing delays and ensuring timely completion of each step, from asset inventory to distribution.
Immediate Use
Once a trust is settled, it can be used by the Grantor to own, buy, and sell assets so that they can be held in one place.
Checks On Beneficiary
Grantors may place any number of restrictions or conditions that trust beneficiaries must satisfy before receiving their
bequests.
Tax Ease and Minimization
Grantors who use RLTs do not need to worry about how capital gains taxes will be assessed by the trust because RLTs are Will substitutes during life so any gains or losses in the trust will be reflected on the Grantor’s annual tax return.
Trustee Selection
Grantors may “test out” various trustees during their lives to ensure that only the most responsible trustees will manage trust assets upon the death or incapacity of the Grantor.
Integrity and Reliability
Your Trust, in Capable Hands
The team at the Law Office of Jason D. Jones, P.C. specializes in trust settlement, ensuring a seamless, efficient, and legally compliant process. We provide personalized service, mitigating potential conflicts and handling complex trust assets with expertise and care.
Contact us today to experience peace of mind knowing your trust is in capable hands, ensuring the wishes of the Grantor are honored and beneficiaries receive their trust bequests in the most efficient way possible.