Long Island trust lawyers can provide you with invaluable help with using trusts to protect your family and your assets. It is a common mistake to assume that trusts are something which only very wealthy people use to provide assets to their children. Trusts are actually a very versatile legal tool that can be used in many different circumstances, including by middle class families to protect assets and to provide for children, disabled loved ones, or other heirs or beneficiaries.
If you are not certain whether a trust should be a part of your estate plan or if you want to work with an experienced attorney to ensure that you have made the most effective use of legal tools to provide protection for your family and assets, you can reach out to Long Island trust lawyers at Mark S. Eghrari & Associates, PLLC today. You can also read on to find out about a few specific situations where talking to an attorney about creating a trust could be especially beneficial for you.
When Should You Talk to Long Island Trust Lawyers?
There are many situations when making a trust can make sense, but a few times when it may be especially important to talk to Long Island trust lawyers include the following circumstances:
- When you have heirs or beneficiaries depending upon an inheritance: If you are providing income for loved ones and you pass away, this could leave your family in a difficult position. An inheritance could help to ensure that the quality of life for your family members does not decline because of your death. However, if assets have to pass through the probate process, it can take about a year. Your family may need the money and property sooner. Creating a trust allows assets to pass more quickly through the trust administration process, so it can be especially important to make a trust and facilitate this timely transfer of wealth if your family is counting on an inheritance.
- When you want to protect privacy: If assets have to pass through the probate process, this means that it will be necessary to go to court. Court records are created, which could become public. You do not want all of the details about your inheritance or about who you are leaving your money and property to to become open for everyone to see. A trust can help you to avoid this by allowing assets to transfer through the trust administration process.
- When you have disabled heirs or beneficiaries: You cannot just leave money directly to someone who is disabled and relying on Medicaid, because this could result in your loved one becoming disqualified from means-tested benefits for having too many resources. You can use a special needs trust to ensure money left to a disabled loved one can be managed appropriately by a chosen trustee and to ensure that the money and property does not cause a loss of access to important benefits.
Mark S. Eghrari & Associates, PLLC can help you in all of these situations. There may also be other times when creating a trust makes sense, so be sure to reach out to our legal team to find out what estate planning tools and asset protection tools are best for you.
Contact Long Island Trust Lawyers at Mark S. Eghrari & Associates, PLLC
Long Island trust lawyers at Mark S. Eghrari & Associates, PLLC can provide personalized one-on-one advice about how to best protect your family and assets. Our firm will work with you to determine if a trust is right for you, and to decide what type of trust makes sense for your situation. We can also discuss all of your other options for estate planning tools to help you accomplish your goals for keeping your wealth safe and providing for the people that you love.
To learn more about the different ways that our Long Island trust lawyers can help you, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to get advice about your particular situation so you can make the choices that are best for you and you family. Call today and we can get right to work on working on a plan for you.