Trust Lawyers in Manhasset,Your Partners in Asset Protection and Estate Planning

Trust Lawyers in Manhasset, NY: Your Partners in Asset Protection and Estate Planning When it comes to estate planning, most people immediately think of drafting a will. While that is a crucial element, there are numerous other legal documents to consider. One of the most effective ways to protect your assets is by creating a trust. However, this process can be intricate, which is why consulting a trust lawyer in Manhasset, NY, could be beneficial. At Marchese & Maynard, LLP, we recognize how overwhelming estate planning can be. With so many options available, it s not always clear which path is best for you. Our law firm is here to guide you, whether you want to ensure a disabled loved one is cared for after your passing or protect your family from estate taxes. Contact us today for a free consultation. Understanding Trusts You might think of a trust as a special bank account set up for wealthy individuals, but in reality, it's a legal document that appoints a trustee to manage and distribute assets to a beneficiary. The person who creates the trust, known as the grantor, typically makes their assets available to the beneficiary. There are various types of trusts, each serving different purposes. Trusts are often used alongside other estate planning tools, such as wills, powers of attorney, and advanced care directives. While the trustee manages the trust's assets, the grantor sets the rules for how those assets are handled. A trust attorney in Manhasset, NY, can help you navigate this process.

The Benefits of Including a Trust in Your Estate Plan Many people establish trusts to prevent certain assets from going through probate. A trust allows you to designate specific purposes for assets without needing an executor or administrator to distribute them. However, other methods, like naming beneficiaries on bank accounts, can also bypass probate. Creating a trust offers several additional benefits, including: Protection from creditors Accumulation of interest, providing ongoing income Reduction of estate taxes Maintenance of eligibility for government programs like Medicaid Protection of specific types of assets Simplification of inheritance issues, particularly in blended families Control over when and how assets are distributed to heirs Trusts offer capabilities that wills cannot, such as remaining private and effective even if you're incapacitated. The benefits you receive from a trust depend on the type you create. Consulting with a trust lawyer in Manhasset, NY, can help you determine the most suitable approach. Types of Trusts Available in New York Meeting with a legal professional at Marchese & Maynard, LLP, can help clarify which type of trust is best for your needs. While not every trust will suit your situation, one or more of the following options may align with your estate planning goals: Revocable Trusts: These trusts allow for the distribution of assets upon the grantor's death. Until then, the trust can be altered or revoked. Irrevocable Trusts: Once established, these trusts cannot be changed or revoked, offering additional tax benefits. Special Needs Trusts: These provide for the ongoing care of a disabled loved one without affecting their eligibility for government benefits. Irrevocable Life Insurance Trusts: This type of trust keeps a life insurance policy out of a taxable estate. Charitable Trusts: This option allows you to donate to organizations while earning income during your lifetime. Medicaid Asset Protection Trusts: These enable you to qualify for Medicaid benefits while safeguarding your assets. There are other, less common types of trusts, and the best way to find out which one is right for you is to consult with a trusts lawyer in Manhasset, NY. At Marchese & Maynard, LLP, we've created every type of trust imaginable. Our extensive experience allows us to guide you

through the complexities of your options and recommend the best solution for your situation. Let our legal team assist you today.