Garden City Trust Lawyers Helping Protect Your Assets
Trusts are an important estate planning tool for families in Garden City and throughout Long Island and the Boros who want to preserve their wealth, avoid unnecessary costs, and provide for future generations. A trust allows you to control how your assets are used and transferred, which can help protect your savings from probate and long-term care expenses.
Founded in 1997, NY Elder Law Group has guided families across New York City and Long Island in making thoughtful estate planning decisions. We use our experience to help middle-class families with a net worth of between $100,000 and $2 million safeguard their financial security through trusts and related planning strategies.
What To Know About Trusts
Trusts can serve many purposes. They have certain aspects that can be beneficial in estate planning:
- A trust allows you to transfer assets outside of probate.
- Trusts can be structured to protect your savings from nursing home costs.
- Beneficiaries can receive their inheritance over time rather than all at once.
- Special needs trusts can provide support without affecting government benefits.
- Revocable trusts let you maintain control of assets during your lifetime.
- Irrevocable trusts can help you become medicaid eligible.
- You may create multiple trusts to serve different purposes.
When properly drafted, a trust ensures that your estate plan reflects your wishes and supports your loved ones’ long-term needs.
Differences Between Trusts And Wills
A trust and a will serve different purposes. A will directs how your property passes after death, but requires probate. A trust, by contrast, lets assets pass directly to beneficiaries without court involvement. This difference often makes trusts a more efficient choice for families who want privacy and reduced expenses. Still, many people use both a trust and a will, since each has unique advantages.
Benefits Of Having A Trust
A trust provides control, protection and flexibility. You can manage when and how beneficiaries receive funds, shield assets from creditors and minimize tax exposure. Trusts also reduce the risk of family disputes, since the terms are legally binding and managed by a trustee you choose. For families concerned about long-term care, certain trusts can preserve eligibility for Medicaid while still protecting assets.
Types Of Trusts To Consider
Different trusts meet different goals. Revocable living trusts are common for those who want control while alive and flexibility to amend. Irrevocable trusts can remove assets from your name, helping qualify for Medicaid. Special needs trusts protect disabled beneficiaries without endangering government aid. Charitable trusts let you support causes while securing tax benefits. Determining the right trust depends on your financial goals and family situation.
Considerations When Creating A Trust
Creating a trust involves careful planning. You must consider which assets to transfer, who will serve as trustee, and how beneficiaries should receive distributions. Mistakes in drafting or funding a trust can limit its effectiveness. Working with an experienced estate planning attorney helps ensure that the trust achieves your intended purpose and complies with New York law.
Who Benefits Most From A Trust
Trusts are especially valuable for middle-class families. Individuals and couples with assets between $100,000 and $2 million often have too much to risk losing to long-term care, but not enough to easily absorb those costs. Trusts can help people in this situation preserve their home, retirement accounts and savings for their children. They are also useful for anyone who wants privacy, wishes to avoid probate or has specific instructions for inheritance.
Speak With Us About Your Estate Planning Needs
If you are considering a trust as part of your estate plan, NY Elder Law Group can help you make informed choices that protect your family and assets. Call 516-246-8319 or contact us online to schedule a consultation with a lawyer.