NASSAU COUNTY LIVING TRUSTS ATTORNEY
CONTACT OUR ESTATE PLANNING LAWYER IN NASSAU COUNTY
Properly drafted and executed inter-vivos (living) trusts are an important estate planning tool and offer many advantages which are not available through the use of a simple will.
Advantages to Living Trusts include:
- Minimizing probate
- Assisting in Medicaid eligibility
- Providing for the care of an individual with special needs
- Minimizing estate taxes
- Protecting property from creditors
THE DIFFERENT TYPES OF LIVING TRUSTS
A trust can own assets such as a home, bank or brokerage account, or life insurance policy. There are several kinds of trusts and each serves an important purpose.
Examples of commonly used trusts include:
- Irrevocable Trust: shelter assets from Medicaid and can also reduce estate taxes.
- Revocable Trust: allows you to act as Trustee and maintain control during your lifetime and upon your passing the trust assets can be distributed to named beneficiaries and avoid probate.
- Life Insurance Trust: can remove the proceeds of a life insurance policy from your taxable estate.
- Special Needs Trust: provides long-term support for persons with special needs and supplements government entitlement programs such as Medicaid and Suplemental Security Income.
Regardless of the value of your estate, a trust can be a critical part of your estate plan. Finding the right trust or combination of trusts for your needs requires the assistance of an experienced estate planning attorney.
At Esther Schwartz Zelmanovitz, PLLC, our Nassau County living trust attorney is dedicated to providing you with honest and knowledgeable counsel. We understand the importance of estate planning and the long-lasting effects it can have on your family. We can provide customized solutions that are tailored to fit your needs. If you need to establish a living trust, do not hesitate to contact our legal team to discuss the various legal options available to you.
If you have questions, call (516) 487-5400 to discuss your case!