Long Island Trust Lawyer
Establish Your Trust. Contact Us Today At (516) 712-2142.
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.
People Establish Trusts for Many Reasons:
Living Trust vs. Will 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 of physical illness, whomever you have made a trust with (i.e. 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.
Revocable and Irrevocable Trusts in NY
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.
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.
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