Long Island Trust Lawyer

Long Island Trust Attorney

A trust is a powerful legal tool that allows an individual to have more flexibility and control over how their assets will be managed when they pass on. Whether you are looking for strategies to help your family avoid the probate process, protect a loved one with special needs, or preserve your wealth for future generations to enjoy, there are different trusts available that can help. Working with a Long Island trust lawyer can help you reach your estate planning goals.

At Greco Law, P.C., we are well-known across Nassau and Suffolk counties as the legal team that creates custom trust solutions. From day one, we proudly provide comprehensive guidance to our clients on what trusts they should select and execute to protect what is important to them and ensure their loved ones are cared for when they are gone. With our knowledge of New York trust laws, we can help give you peace of mind that everything is in place and secure.

Different Types of Trusts and Their Benefits

With so many different options for estate planning, it can be overwhelming to choose which trust you would benefit from most. In some cases, you may need multiple trusts to achieve your estate planning objectives. It’s important to hire an estate planning lawyer in Long Island to understand these options before making any final sections.

Some of the most commonly used trusts include:

Living Trusts

A living trust is also known as a revocable trust. It allows you to manage your assets during your lifetime and transfer them to beneficiaries after you pass away. One of the largest benefits of a living trust is that it will allow your family members to avoid the probate process. Living trusts also provide a ton of flexibility, allowing you to modify or revoke them throughout your life as certain circumstances change. They also offer privacy, as they are not made public like a will.

Special Needs Trusts

A special needs trust is designed to provide financial support to a beneficiary with a disability. One of the most significant benefits of this is that it will not impose on any other government benefits this individual might also rely on, such as Medicaid or Supplemental Security Income. The disabled individual can use funds from this type of trust for many different reasons, including covering their medical expenses and education.

Inheritance Trusts

An inheritance trust is designed to protect an individual’s assets from being taken advantage of by creditors, legal claims, or other entities after they pass away. When setting up an inheritance trust, you will need to agree on specific terms for how and when the inheritance should be distributed. For example, you could arrange for your funds to be distributed to certain individuals at a certain age or life milestone.

An inheritance trust Is an extra layer of flexibility and control that many appreciate.

Irrevocable Trusts

An irrevocable trust cannot be modified or voided once it is established. Those who choose this estate planning tool may look to benefit from shielding certain assets from creditors or reducing their family member’s chances of being subjected to extra estate taxes. These trusts are often used for gifting strategies, charitable donations, or setting up life insurance trusts.

Charitable Trusts

When someone chooses to employ a charitable trust, they are doing so to support a cause they are passionate about. In addition, they also benefit from tax benefits. For example, a charitable trust lets you receive income from that trust during your lifetime, while the remainder will go to a charity of your choice when the time comes. These can be a powerful estate option for those who want to combine their own philanthropic goals with their asset planning strategies.

FAQs

Q: Do I Need a Trust if I Already Have a Will?

A: It is possible that you can find value in having a trust as well as a will. While a will outlines how your assets will be distributed when you pass away, a will alone is not enough to help your family avoid the probate process. Adding a trust will allow you to bypass probate and enjoy other benefits, like extra privacy, asset protection, and greater control over how and when certain assets are distributed.

Q: What Is the Difference Between a Revocable and Irrevocable Trust?

A: The biggest distinguishing factor between revocable and irrevocable trusts is that a revocable trust, otherwise known as a living trust, can be changed or voided during your lifetime. Many enjoy having this as an option, knowing that their life circumstances will inevitably change in unpredictable ways when creating the first version. However, if your goal is to add an extra layer of protection against creditors, you may prefer an irrevocable trust instead.

Q: How Can Trusts Protect My Family From Estate Taxes?

A: Certain trusts, like an irrevocable or charitable trust, are designed to help minimize estate taxes. This becomes possible by removing assets from your taxable estate. Trusts like these allow you to transfer your wealth to beneficiaries or charities of your choice in the most tax-efficient manner possible. This can help reduce common burdens on your heirs and make you feel more confident that your family estate, no matter how large or small, is preserved.

Q: Are Trusts Only for the Elderly?

A: Despite this common belief, trusts are not just for the elderly. They are valuable tools that individuals can benefit from at any age. For example, parents with young children can establish a trust to help ensure their children are protected if they were to unexpectedly pass away. Young business owners can also use trusts to ensure their company’s assets are protected. Trusts can be a smart choice for anyone looking to plan for the future in Long Island.

Contact Greco Law, P.C. Today

If you are looking to secure the benefits of a trust but are unsure which option would work for you, contact our law firm today. We would be happy to take a look at your assets and educate you on all the different trusts available to determine which would be the most appropriate fit. We look forward to meeting you and sharing more about how we can help you better plan for the future.