Long Island Living Trust Attorney

Long Island Living Trust Lawyer

Long Island, home to 2.9 million residents with a median household income of $100,121, has many individuals and families eager to ensure their assets are secured for generations. With median home prices approaching $550,000, estate planning plays a key role in the area. If you are looking to protect your assets and legacy, a dedicated Long Island living trust attorney from Greco Law, P.C. can help you meet your estate planning goals.

The dedicated legal team at Greco Law, P.C. has years of combined experience successfully helping clients in Long Island and surrounding areas leverage powerful estate planning tools, such as living trusts, to ensure our clients can defend their hard-earned assets. Starting your estate planning now, while you’re young and healthy, ensures your wishes are honored, and your loved ones are protected, no matter what life throws your way.

What Is a Living Trust?

A living trust is a legal entity that holds your assets while you are alive and distributes them according to specific instructions upon your death. Unlike a will, which must go through probate, a properly funded living trust helps ensure that assets are directly passed to beneficiaries. This saves significant time and money so that your loved ones can focus on adequately grieving your death.

A revocable living trust allows you to maintain complete control over all of your assets during your lifetime, giving you the ability to modify or cancel your trust whenever you need to. This is particularly useful for Long Island residents who have complex investments and property, as it can help them avoid going to court and help ensure that wealth is seamlessly transitioned.

Benefits of a Living Trust in Long Island

Many residents in Long Island have benefited from implementing a living trust as part of their estate plan. A dedicated attorney from our team can help you understand whether a living trust may be right for you and the various associated benefits, such as:

• Avoiding Probate: Probate is costly and commonly drawn out in New York State, and it can delay a beneficiary’s distribution. A living trust allows your assets to bypass the probate process, ensuring that they are immediately transferred to your beneficiaries.
• Ensuring Privacy: During the probate process, a will becomes a public record, leaving the details of your estate for all to see. A living trust ensures that your assets remain private and are shielded from the public’s scrutiny.
• Effectively Managing High-Value Real Estate.: With the median home price of $550,000 in Long Island, real estate plays a key role in many residents’ estates. By transferring your property into a trust, you can avoid legal complications and bypass unnecessary and costly probate processes.
• Safeguarding Beneficiaries: You can protect your vulnerable beneficiaries, such as dependents with disabilities, financially irresponsible heirs, or minors, by adding specific conditions in order for assets to be distributed.
• Avoiding Court Challenges: It is harder to contest a living trust than a will, which reduces the chances that legal disputes or family battles over inheritances may arise.
• Protection in case of Incapacity: Should you become incapacitated, the designated trustee can manage your assets for you according to your instructions.

Why Work With a Long Island Living Trust Attorney From Greco Law?

At Greco Law, P.C., we understand that family is everything. Therefore, we are here to understand the details of your assets and case, your concerns, and your financial goals for the future. As we leverage a client-centered approach, we do not just see your case as another file on the shelf but rather as another important node in our Long Island community. As a result, we go to extra lengths to ensure the legal needs of our clients are exceptionally met.

Living Trust FAQs

Q: Why Choose a Living Trust Over a Will?

A: You might choose a living trust over a will as it allows for assets to be distributed among beneficiaries while avoiding the probate process. This ensures that the transfer is not only quicker but also more private, safeguarding your legacy. A will, on the other hand, is required to be processed through probate court, which is both public, costly, and time-consuming. A detail-oriented attorney can help you understand which option may be right for you.

Q: How Do I Fund a Living Trust?

A: You can fund a living trust by transferring the ownership of assets like investments, real estate, and bank accounts into the name of the trust. It’s important to note that not solely drafting up a trust document does not lead to activation of the trust. Assets are required to be formally transferred in order for the trust to be active. An experienced trust attorney can help you ensure that your trust is valid and actionable in the event of your death.

Q: Can a Living Trust Reduce Estate Taxes?

A: Yes, a living trust can help you reduce your estate tax liabilities. Although having a living trust does not automatically ensure that your estate taxes are reduced, if it is structured correctly with tax-saving provisions, it can help reduce the amount of estate taxes required. An experienced attorney can help you explore your options for leveraging estate planning tools to help reduce tax liability and other unnecessary costs.

Q: How Can I Avoid Living Trust Scams?

A: You can avoid living trust scams by being aware of any generic legal forms or pressuring sales tactics that do not specifically address your estate planning needs. If you are interested in creating a living trust, it’s important to ensure that you are working with a qualified attorney. Any fraudulent trust sales should be reported to the New York Attorney General’s Consumer Information & Complaint Line at 1-800-771-7755.

Meet Your Long Island Estate Planning Needs With a Long Island Living Trust Attorney

Don’t leave your high-earned assets up to fate. A skilled Long Island living trust attorney from Greco Law, P.C. can help you understand whether a living trust or other powerful estate planning tools may be right for you, safeguarding your wealth and facilitating a smooth transition for future generations. Contact us today to learn more.