Long Island Trust Lawyer

As part of estate planning, you may want to create a trust to protect your assets and seamlessly transfer them to beneficiaries. Do you have questions about trusts and how an attorney can help you? If so, you have come to the right place. 

Below, we outline important information about trusts, the different types, and the benefits of establishing them. Should you have specific questions about your situation, reach out to our office today. We would gladly schedule a free consultation, during which you can speak directly with our experienced Long Island trust attorney. 

Call (516) 363-0470 or contact us online to set up a free consultation. 

What Is a Trust?

A trust is a legal arrangement between three people/entities. The settlor is the person who establishes the trust to hold assets. The trustee is the person charged with managing the trust. Finally, the beneficiary is a person or organization that will receive the assets in the trust.  

Much like a will, trusts allow you to determine how your assets will be distributed after you pass away. However, trusts differ from wills in significant ways. Trusts go into effect when you sign them, meaning your assets can be managed and distributed even before you pass.

Trusts also make it possible for your estate to avoid probate. You may know probate is a court-supervised process of distributing assets. It is often lengthy and expensive. With a trust, your beneficiaries can receive assets without the hassle of probate. 

The Types of Trusts 

Some of the most common types of trusts include:

• Living trusts: These allow you to transfer assets and property into a trust while you are alive, hence their name.
• Testamentary trusts: These are created through a will and take effect after your passing.  
• Special needs trusts: If you have a loved one with special needs, this trust can allow you to support them financially without jeopardizing their eligibility for government benefits.
• Spendthrift trusts: These trusts regulate beneficiaries’ access to funds for their benefit. They can also protect assets from creditors.

What Assets Can You Put in Trusts?

You can put many kinds of assets and property in a trust. These things include real estate, financial accounts, personal property, business interests, and life insurance policies. It is even possible to place intellectual property in a trust. 

The Benefits of Creating a Trust

Creating a trust is a decision you will likely be glad you made. At Law Office of Elisa Treglia, PLLC, our Long Island trust attorney can assist you with all things concerning this advantageous estate planning tool. 

With our lawyer’s help, you can secure many of the benefits of a trust, including:

• Asset protection: A trust allows you to protect your assets from creditors, lawsuits, and other financial risks. 
• Eliminating the need for probate: By placing assets in a trust, you can allow your beneficiaries to receive assets without probate. 
• Asset distribution control: With a trust, control when and how your assets are distributed. In fact, you can set detailed guidelines, such as requiring beneficiaries to be a certain age or reach milestones before receiving an inheritance.
• Privacy: Trusts generally remain private, while wills become part of the public record. This means a trust can keep the details of your assets and their distribution private. 
• Tax advantages: Depending on the type of trust, you could shield your assets from estate taxes. You may also contribute to certain kinds of trusts while avoiding gift taxes. 
• Peace of mind: Ultimately, creating a trust can offer you the peace of mind that comes from knowing your assets and property are protected and will be managed and distributed just how you wish.

Learn more about how Long Island trust attorney by contacting us online or by calling (516) 363-0470 today!

Living Trusts in Long Island: Local Insights and Resources

Living in Long Island, you understand the unique challenges and opportunities that come with estate planning in our community. Whether you're in Nassau County or Suffolk County, creating a living trust can be a crucial step in ensuring your assets are protected and efficiently transferred to your beneficiaries.

One of the significant pain points for Long Island residents is the high cost of living and property values. This makes it even more essential to have a solid estate plan in place. A living trust can help you manage these assets effectively, avoiding the lengthy and costly probate process that is common in New York State.

Local government entities, such as the Nassau County Clerk's Office and the Suffolk County Clerk's Office, play a role in the probate process. By setting up a living trust, you can bypass these procedures, ensuring a smoother transition of your estate to your loved ones.

At Law Office of Elisa Treglia, PLLC, we understand the intricacies of Long Island's legal landscape. Our Long Island trust attorney is well-versed in local regulations and can guide you through the process of setting up a living trust that meets your specific needs. We know the local pain points, such as high property taxes and the complexities of New York estate laws, and we are here to help you navigate them.

Whether you're a resident of Huntington, Hempstead, or any other part of Long Island, our team is committed to providing you with personalized service. We take the time to understand your unique situation and offer solutions that are tailored to your needs. With our help, you can achieve peace of mind knowing that your assets are protected and your wishes will be honored.