Long Island trust lawyers at Mark S. Eghrari & Associates, PLLC can provide assistance in deciding if you should create a trust. We can also help with the logistics of the trust creation process and can help you to ensure your trust is a legally valid trust that accomplishes the goals you had when you created it. You should reach out to our legal team to get help with all of your legal issues related to creating a trust so you can ensure that the process goes smoothly.
Unfortunately, many people make costly mistakes when it comes to the trust creation process and end up not getting the benefits of the trust that they had hoped for. You don’t want this to happen to you, so you should let our team help you as you decide whether to make a trust and go through the process of creating one. You can give us a call at any time. You can also read on to learn a few key things that Long Island trust lawyers want you to know.
Trusts Aren’t Only for the Wealthy
Far too many people who can benefit greatly from trust creation do not end up creating trusts because it never crosses their mind how much a trust could benefit them. While trusts are often something that you think of rich people having, they are definitely not only for wealthy people. In fact, trust creation could mean the difference between getting to leave a legacy and spending all of your assets if you are in the middle class. If you get sick and haven’t made a trust to help protect your wealth from being counted when determining if means-tested Medicaid will pay for your nursing home, you could end up losing everything. You should make certain to talk with a lawyer to find out exactly what a trust could do to help you protect your assets and heirs as you may be surprised to find that a trust is just the tool you need.
Trust Can Help You to Address the Needs Of Your Heirs
Trusts can be the perfect solution to address specific issues that your heirs or beneficiaries face. For example, if you want to leave assets to someone who is very financially irresponsible, a trust could be the perfect solution. You could create a spendthrift trust to keep the money safe and ensure it can be used over the long-term to enhance your loved one’s quality of life and you can name a responsible trustee to manage the trust assets and dole out income according to your instructions. And this is just one of many examples of how a trust allows you to do a better job in taking care of the people you love even after you are gone.
There are Different Kinds of Trusts That You Can Create
Different serve different purposes. If you don’t pick the right kind of trust, you may not get the protections that you thought you were getting. For example, a living trust won’t protect the assets in the trust if you need to qualify for means-tested Medicaid because the assets still count for determining Medicaid eligibility.
Trusts Have to be Funded
When you make a trust, you aren’t done with the process. You actually have to fund the trust with the assets you want to protect. This can have big financial implications with respect to taxes as well as if there is a mortgage on the assets you had hoped to move into the trust. An attorney can help you to understand how to fund your trust and what the implications are of transferring assets to the ownership of a trust.
Getting Help from Long Island Trust Lawyers
Long Island trust lawyers at Mark S. Eghrari & Associates, PLLC will discuss your goals with you to determine if creating a trust is the right choice. If trust creation makes sense for you, we’ll help you to go through the process of deciding what kind of trust makes sense and will assist with the formalities associated with creating your trust document and funding your trust. We can also represent trustees in fulfilling their obligations in managing a trust and can provide help with the trust administration process that allows for the timely transfer of trust assets to new owners after a death has occurred.
To learn more about all of the different legal issues connected to trusts that we can help you with, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online at any time for personalized help with a trust attorney who you can count on. Call today to get your trust creation process started.