2. Irrevocable Trust
Unlike a revocable trust, an irrevocable trust cannot be altered or dissolved once it’s created. Why choose this less-flexible option? Because it removes the assets placed within it from your taxable estate, offering significant tax benefits. It also provides protection from creditors and lawsuits.
Best For:
Individuals with significant assets seeking tax advantages.
Anyone looking to protect their wealth from legal claims.

3. Special Needs Trust
Designed for individuals with disabilities, a special needs trust ensures your loved one can receive financial support without jeopardizing their eligibility for government assistance programs like Medicaid or Supplemental Security Income (SSI).

Best For:
Families with dependents who have special needs.
Anyone concerned about securing the future care of a disabled loved one.

4. Charitable Trust
Do you have a passion for giving back? A charitable trust allows you to allocate assets to your favorite charities, becoming a valuable tool for philanthropy. It can also provide tax advantages for you and financial support for the organizations you care about.

Best For:
People wishing to leave a lasting legacy through charitable giving.
Those looking for estate tax reductions.

5. Testamentary Trust
Created through a will, a testamentary trust comes into effect upon your death. While it doesn't avoid probate, it provides clear instructions for distributing your estate, often to minor children or other beneficiaries over time.

Best For:
Parents planning for their children's future.
Estates with specific payout instructions for beneficiaries.

Steps to Create a Trust
Creating a trust may seem complex, but partnering with the right professionals makes the process seamless. Here’s how we at Hynes & Chu recommend proceeding:

Step 1: Define Your Goals
What do you want your trust to accomplish? Are you aiming to minimize taxes, protect assets, ensure financial security for loved ones, or support a charity? Clarifying your goals will guide the next steps.

Step 2: Choose the Type of Trust
Based on your objectives, your estate planning attorney will help you select the right type of trust. We’ll evaluate your current financial situation and future plans to determine a solution tailored to your needs.

Step 3: Identify Trustees and Beneficiaries
Selecting a trustee—a person or institution responsible for managing the trust—is crucial. This individual should be reliable, competent, and able to act in your best interest. Beneficiaries, on the other hand, are the individuals or organizations who will benefit from the trust's assets.

Step 4: Draft the Trust Document
This is where your attorney formalizes the trust through a legal document. At Hynes & Chu, we ensure your trust is legally sound, complete with all necessary details, including how and when assets should be distributed.

Step 5: Fund the Trust
Once the trust is created, you'll need to transfer your assets into it—this can include real estate, bank accounts, investments, and other valuables. Without funding, your trust won’t serve its intended purpose.

Step 6: Periodically Review and Update Your Trust
Life changes—marriages, births, deaths, and financial shifts—should prompt a review of your trust. Working with experienced attorneys ensures your trust remains relevant and up to date.

Why Choose Hynes & Chu for Your Estate Planning Needs?
With over 35 years of experience providing legal services to families in Mineola, Brooklyn, and Manhattan, Hynes & Chu brings unparalleled expertise to your trust planning. Our approachable yet professional team is here to simplify the process for you, ensuring every detail aligns with your goals.
At Hynes & Chu, we believe estate planning isn’t just about protecting assets—it’s about protecting your legacy. Our personalized approach means we work closely with you to create a trust that reflects your unique values and priorities.