Nassau County Trusts Attorney
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A trust may be a valuable tool if you are considering or currently undergoing an estate plan that addresses
asset protection, taxes and
Medicaid planning. You can address various needs with a well thought out trust. Our Nassau County elder law attorney can assist you in accomplishing this. We help clients of all ages throughout Long Island, Queens, Nassau and Suffolk Counties in New York, providing personalized and knowledgeable legal counsel in all areas of
Revocable and Irrevocable Trusts
A trust is a type of separate legal entity that can hold title to property for the benefit of one or more persons or entities. People establish trusts for many reasons:
Qualifying for Medicaid
Providing for family members that are minors or incapacitated
Providing restricted access to assets
Avoiding Federal and State estate taxes
The person who sets up a trust is called a Grantor. The person or entity that controls the trust and is responsible for managing its assets is called the trustee. The trustee holds the legal title to the property that is in the trust. This means that the trustee can only use the assets and proceeds from the trust property for the benefit of the beneficiaries of the trust, never for his or her own profit. However, the grantor can make him/herself the beneficiary.
A trust can be made "inter vivos" (created during the grantor's lifetime) or may be a testamentary trust that is set up by a will and does not come into being until after the grantor's death. Trusts are also revocable or irrevocable. While a revocable trust can be revoked and the grantor can reclaim the trust assets, an irrevocable trust cannot be rescinded once it has been set up.
Nassau County Elder Law Lawyer
The Virdone Law Firm, P.C. can guide you through the often confusing process of deciding which trust best serves your needs. Trusts are not just for the wealthy, in fact they are just as important for those who cannot afford to lose whatever they spent their lifetime acquiring.
Contact a Nassau County Trust Lawyer at our law firm today.