Long Island Trust Lawyer 

Dedicated Trust Attorney for Nassau and Suffolk County, NY

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 trust 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 elder law.

To speak with our experienced Long Island trust lawyers, give us a call at (516) 712-2142 or contact us online today. 

Understanding Living Trusts vs. Wills in New York

A living trust can save your family time and money by avoiding probate once you pass away.

In the off-chance that a lawsuit is filed as a challenge to your living trust, it has a much lower chance of succeeding as opposed to a will. This is due to the fact that, by having a living trust, you are assumed to have had a continuing involvement with it, which is evidence that you could competently manage your affairs.

Another benefit of having a living trust is that, if you were to become incapacitated at some point due to mental or physical illness, whomever you have made a trust with (for example, your spouse) can have authority over your trust assets. This can be a great help to anyone charged with taking care of an incapacitated family member, since they would otherwise need to go to court to obtain the lawful authority over their finances.

New York estate law mandates that a trustee can only make such important decisions after one or two physicians determine that the grantor is in fact incapacitated, in order to ensure an honest transfer of authority.

A living trust offers several practical advantages for residents planning their estates in New York:

• Efficient probate avoidance: Assets held in a living trust generally do not go through the probate process, which expedites their distribution.
• Lower likelihood of successful legal challenges: Courts often consider living trusts less vulnerable to contest than wills when properly maintained.
• Immediate asset management: In the event of incapacity, the successor trustee can manage trust assets without petitioning the court.
• Increased privacy: The details of a living trust generally remain private, unlike a will submitted to the probate court.

Revocable vs. Irrevocable Trusts in New York

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. 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.

Each type of trust meets particular planning needs for New Yorkers:

• Revocable trusts: These allow you to maintain control over trust assets during your lifetime and can be altered or dissolved as circumstances change.
• Irrevocable trusts: Once established, these remove assets from your personal estate, which can help with asset protection and Medicaid planning in New York.
• Testamentary trusts: Created through your will and activated upon your passing; frequently used for minor children or specific inheritance goals.

Secure Your Future: Protect Your Assets with a Trust

Creating a trust is an essential part of estate planning to ensure your assets are protected and distributed according to your wishes. Trusts offer numerous benefits, including avoiding probate, maintaining privacy, and providing for loved ones in the future. Our experienced Long Island trust lawyers at The Virdone Law Firm, P.C. can help you navigate the complexities of trust creation and management.

Types of trusts we can assist with include:

• Living Trusts
• Revocable Trusts
• Irrevocable Trusts
• Special Needs Trusts

Whether you need to establish a trust, update an existing one, or have questions about the differences between a trust and a will in New York, our knowledgeable attorneys are here to help. Contact us today to protect your assets and secure your legacy.

Choosing the Right Trust Attorney in Long Island: What to Look For

Finding the right trust attorney in Long Island can have a significant impact on your ability to protect your assets and secure your family's future. When evaluating legal services, it is important to work with a firm familiar with local regulations, specifically those in Nassau County, Suffolk County, and across New York State. The right legal guidance ensures your trust is compliant with current estate laws and any unique court practices in the area. In addition to legal requirements, Long Island residents often look for a trust lawyer with an understanding of community values and family priorities, as these shape decisions about inheritance and asset protection.

When seeking a trust lawyer in Long Island, consider how well the attorney addresses your individualized needs and explains the process of trust creation or administration. Comprehensive, clear communication is an indicator that your concerns will be heard and your questions answered, especially when it comes to explaining complicated rules such as the Medicaid look-back period or adjustments in state tax law. Given the complexity of managing trusts, you may also want an attorney who is experienced in interacting with local institutions like the Nassau County Surrogate's Court, which frequently handles estate administration and trust matters in this region.

To make an informed decision when hiring a trusts attorney in Long Island, consider the following factors:

• Customized planning: Look for an attorney who tailors trust strategies to your family's financial goals and personal circumstances.
• Knowledge of New York laws: An effective attorney understands state and county requirements and stays updated on legislative changes.
• Track record of service: Choose a lawyer with experience in the Long Island area, familiar with both local processes and common client concerns.

Remember that establishing a relationship with a knowledgeable professional can help you navigate state laws and provide peace of mind as you plan for the future. Hiring a trust attorney who is accessible and attentive to your questions is one of the most valuable investments you can make to protect your legacy.

How Our Nassau County Elder Law Attorney Can Assist You

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.