A Long Island trusts attorney can help you to provide protection for your heirs as you make your estate plan. When you have built wealth, you want to use that money to do good and to provide for the people you care about. Unfortunately, sometimes a financial gift of money or property does not have the beneficial impact on your loved ones that you expected it to. You may need to maintain control or put some protections in place for your heirs to ensure that a gift you give is a benefit that provides the protection and security that you plan.
Mark S. Eghrari and Associates PLLC can hep you to make sure you use available legal tools to provide the maximum protection for your heirs. Trusts can be one of the best ways to give a gift or leave an inheritance while taking the needs of your loved ones into account. We’ll discuss your goals and situation, provide advice on whether trusts are right for you, and help you to create the types of trusts you need to protect the people you love. Give us a call today to talk with a Long Island trusts attorney to find out more.
How Can Trusts Help Protect Heirs?
Trusts can help protect heirs in important ways. Trusts can make it possible for you to keep your assets safe during your life, so your heirs actually have something to inherit. Trusts can also address the special needs of those who will inherit money from you.
During your lifetime, you could be forced to spend your money and sell property if you have to pay for a nursing home. Medicaid provides nursing home coverage, while Medicare and most other private insurance companies don’t. As a result, it is very common for people to have to spend down their assets until they fall below maximum resource limits for means-tested Medicare benefits. If you use the right type of trust as part of a comprehensive Medicaid plan, you can keep your assets safe and protected so there is actually money to leave to heirs.
Your heirs could also lose a part of their inheritance to estate taxes if you have not made provisions in advance to ensure that this does not happen. There are certain trusts that can be used to avoid or reduce estate taxes. Making us of these trusts can protect your heirs by ensuring that family businesses and farms don’t have to be sold to pay estate taxes, and can allow heirs to inherit a more substantial amount of money and property than if the estate had to pay thousands of dollars to the government.
In addition to these general protections, trusts can also be used to address specific issues with heirs that could affect their ability to inherit and keep their inheritance. For example, if any of your heirs are disabled and receiving means-tested government benefits, a special needs trust can preserve access to benefits while making it possible for money or property to be used to enrich the quality of life of the disabled person. If your heirs aren’t very responsible with their spending or with managing investments; or if there are concerns about possible bankruptcy, divorce or creditor actions jeopardizing an inheritance, trusts can also be the best solution.
Why You Should Get Help From a Long Island Trusts Attorney
There are many different kinds of trusts, and you need to ensure that the trusts you use to protect your heirs are the right ones for your specific situation. The trust that you create has to be the correct type to provide desired protections and you need to ensure you follow all trust creation formalities. An attorney can provide help with this process.
Contact a Long Island Trusts Attorney Today
Mark S. Eghrari and Associates PLLC knows how to help clients make use of trusts to protect their assets and to protect the people that they love. You worked too hard to build a nest egg to see it lost or to see your heirs experience problems with the generous gifts you wish to leave them. We will make sure that your assets are protected and that your beneficiaries can get the maximum in benefits from the gifts that you give to them.
To find out more about how a Long Island trusts attorney can help you to provide the best possible legacy and to ensure your heirs are always cared for, give us a call at (631) 265-0599 or contact us online to speak with a member of our legal team.
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