Speaker - Eric Vallone 2/6/14

On Thursday, February 6, 2014, Eric T. Vallone, Esq. of The Vallone Law Firm, PLLC gave a presentation to the Southtowns Synergy Networking Group about using revocable trusts for estate planning issues. Eric discussed some common misconceptions about revocable trusts, including the perception that revocable trusts are an effective means of avoiding estate taxes. Without proper drafting, a revocable trust will not save you money on estate taxes.  

Eric talked about using revocable trusts to avoid probate, distribute assets immediately at the death of the grantor, and avoid probate in multiple jurisdictions. He also told us when to consider a revocable trust rather than a simple will, such as when there is a chance a will might be contested, or when the grantor desires privacy for their estate plan.  The most important take away is to make sure that you have a competent estate planning attorney draft and fund your revocable trust, so that it achieves your goals.

Eric T. Vallone, Esq.

The Vallone Law Firm, PLLC

2562 Walden Avenue, Suite 107

Cheektowaga, New York 14225

Phone: (716) 206-0588

Fax: (716) 206-2504

Email: eric@vallonelawfirm.com