Trusts Lawyers in Manhasset NY, Providing Asset Protection, Estate Planning, and More
When people think of estate planning, the first thing that often comes to mind is writing a will. While this is certainly an important step, there are various other legal documents that should be considered as well. Creating a trust is one of the most popular tasks for those looking to safeguard their assets. Unfortunately, this process can be complicated. That’s why it may benefit you to speak with a trusts lawyer in Manhasset, NY.
At Marchese & Maynard, LLP, we understand how daunting estate planning may seem. You’ve got so many options available to you, and it may not always be clear what’s in your best interest. Our law firm can help in this endeavor. Whether you want to ensure a disabled loved one is cared for after you’re gone or simply protect family members from estate taxes, you’ve got options available. Contact our law firm today for a free consultation.
What Is a Trust?
If you’ve ever heard of a trust, you might expect that it’s some special bank account set up for wealthy children. In reality, it’s just a legal document. This document grants an individual (i.e., trustee) the right to hold, manage, and distribute assets to another person (i.e., beneficiary). The individual who creates the trust is known as the grantor, and it’s often their monies and properties that are made available to the beneficiary.
There are many different types of trusts, each of which has specific goals. Since they’re often used as a form of estate planning, they’re typically used in conjunction with tools like wills, powers of attorney, advanced care directives, and other legal documents. While the trustee manages the assets within the trust, it’s the grantor who dictates the rules in which it’s managed. A trust attorney in Manhasset, NY can help you better understand the process.
How Can a Trust Help Your Estate Plan?
Many people create trusts to keep certain assets out of probate. A trust is one of the few approaches to designating a specific purpose for assets without needing them to be distributed by an executor or administrator. However, there are other ways of avoiding that process. For instance, designating beneficiaries on a bank account will allow those funds to bypass probate. Fortunately, there are also many other benefits to creating a trust:
- Provides creditor protection
- Interest accumulation can provide ongoing income
- Cuts down on estate taxes
- Maintains eligibility for government programs (e.g., Medicaid)
- Can protect certain asset types
- Simplify inheritance issues created by children in multiple marriages
- Dictate when and how irresponsible heirs receive assets
As you can see, these legal documents can accomplish many things that a will cannot. Additionally, wills are public records that can be contested and have no power as long as you’re still alive — even if you’re incapacitated. However, the specific benefits you’ll garner from a trust depend on the type of arrangement you create. A trusts lawyer in Manhasset, NY can help you better understand the best approach to take.
What Are the Different Types of Trusts in New York?
Sitting down with a legal professional at Marchese & Maynard, LLP, will give you a better idea of what trust type is best for your situation. However, it also helps to have a basic understanding of your choices. Not all of the following options will benefit you or your beneficiaries the same way, but in many cases, at least one of them will help meet your estate planning needs:
- Revocable trusts: Whenever a grantor dies, these trusts distribute assets to beneficiaries. However, until the grantor dies, the trust can be modified or revoked.
- Irrevocable trust: This type of trust cannot be modified or revoked. Going this route provides additional tax benefits.
- Special needs trust: Grantors can provide assets for the ongoing care of a disabled loved one without making them ineligible for government benefits.
- Irrevocable life insurance trust: This trust keeps a life insurance policy from becoming part of a taxable estate.
- Charitable trust: This trust allows you to leave money to organizations while also earning some income while still alive.
- Medicaid Asset Protection Trust: Allows you to qualify for Medicaid benefits while protecting your assets.
There are other trust types and designations that are less common, and the best way to know what works for you is to speak with a Manhasset, NY trusts lawyer today. At Marchese & Maynard, LLP, we’ve helped create every type of trust you could imagine. This means we understand the complex nature of your options along with what works best in different situations. Let our legal team help you today.
Contact a Trusts Lawyer in Manhasset, NY Today
A trust can accomplish a variety of goals in estate planning. This is why you’ll typically find them listed alongside wills as the most important estate planning documents. Unfortunately, ruining a trust’s intended purpose only takes one mistake. A simple error could expose you or your family members to unexpected taxes or even render you ineligible for vital government benefits.
This is one of the many reasons you should contact a trusts lawyer in Manhasset, NY today. At Marchese & Maynard, LLP, our legal team is committed to helping our clients meet all their estate planning needs. We can help you identify important goals and create the proper legal documents to achieve them. Contact us today by calling 516-447-2144 to schedule your free consultation.