Smithtown trust lawyers at Eghrari Wealth Training Law Firm can provide personalized advice on how you can effectively use legal tools to provide for your heirs or beneficiaries. You likely want to take steps to ensure that your family will be provided for if something happens to you. Simply making a last will and testament is not sufficient to provide for your loved ones in many cases because the will may not address the special needs of your heirs or beneficiaries or allow for the timely transfer of money and property. Trusts can help you to do much more to protect your assets and ensure money and property is used to support the people you care about.
Eghrari Wealth Training Law Firm will help you to determine if you need a trust and, if so, will work with you to decide what type of trust is right for you. We can assist you with the trust creation process and help you with every aspect of creating a trust including making your trust document and funding the trust. You should give us a call today to find out about the help that we can provide and to get your personalized plans for making effective use of trusts underway.
How Smithtown Trust Lawyers Help You Use Trusts to Provide for Loved Ones
Smithtown trust lawyers can help you to use trusts to provide for loved ones by:
- Assisting you in determining if you need a trust: Trusts serve many purposes, including allowing you to transfer assets to heirs or beneficiaries in a timely manner so that your loved ones do not have to go through the probate process. The probate process can take around a year to complete, and this can be too long for your family members to wait if they are counting on an inheritance to provide for them when you were previously supporting them before your death. You may also need a trust to protect your family for other reasons, such as if you want to leave assets to a loved one who is currently receiving means-tested benefits. A direct transfer of assets to a loved one receiving means-tested benefits such as Medicaid could result in a loss of eligibility for benefits, while the use of a special needs trust could ensure that you provide for your loved one’s supplemental needs without jeopardizing access to these important benefits.
- Helping you to determine what kind of trust you need: There are different trusts to be used for different purposes. For example, you can use a simple living trust if you primary goal is to facilitate the transfer of assets outside of probate but this type of trust won’t protect assets if you need costly nursing home care as a senior, or if creditors come after you or if you owe estate tax. Eghrari Wealth Training Law Firm will help you to identify the type of trust it makes sense for you to create, whether this is a special needs trust for a disabled loved one; a spendthrift trust for irresponsible heirs who can’t manage money, or a Medicaid asset protection trust if your goal is to make sure your need for nursing home care doesn’t jeopardize the inheritance you want to leave.
- Assisting you in creating and funding a legally valid trust: We’ll help you make your trust document and transfer the appropriate assets to the trust for your family members.
These are just a few of the many steps that our firm helps you to take when it comes to the process of using trusts to provide for loved ones.
Getting Help from Smithtown Trust Lawyers
Smithtown trust lawyers at Eghrari Wealth Training Law Firm will help you to determine if using a trust is the right solution to provide for your family members and address any special needs or unique issues they may have. We will work with you to select the type of trust that is right for you, to create a legally valid trust document, and to fund the trust with the assets you want to leave to loved ones. To find out more about the assistance our firm can offer with all aspects of creating a trust, join us for a free seminar. If you are ready to begin the personalized process of trust creation, you can also give us a call at (631) 265-0599 or contact us online to get help making a trust that is right for you. Call today to get your plans in place before it becomes too late.
- What You Need to Know about the New York Medicaid Estate Recovery Program - June 15, 2022
- How to Decide Which Kind of Last Will and Testament Is Right for You - June 1, 2022
- How to Be a Caregiver from a Distance - May 25, 2022