Trusts are a tool that can be used for estate planning and asset protection. As Long Island trusts lawyer Mark Eghrari explained in a recent Forbes article, trusts are very versatile.
They can even help to protect your money when you are alive, which NBA player Michael Carter-Williams took advantage of when he put a part of his salary into a trust that he wasn’t able to access for three years. The goals of the trust that Carter-Williams created were to ensure that he was responsible with his money and to force himself to make wise decisions about his spending.
While you might not have a $4.5 million salary to protect and to put into trust, as Carter-Williams did, this does not mean that a trust isn’t a tool that can work for you. If you have any wealth you want to protect either during your lifetime or after your death, a trust can help you to minimize the risks of many different kinds of losses.
You can visit Forbes and read the rest of the article to find out more about how trusts work and can contact Mark S. Eghrari & Associates, PLLC if you are ready to put trusts to work for you. Just give us a call at (631) 265-0599 or contact us online to find out how we can help.