Is A Trust Right For You?
Many attorneys recommend estate planning with trusts instead of wills. However, trusts typically cost three times as much as a will and many people simply do not need them. For those who need trusts, however, they are powerful tools.
I am lawyer Mitchell P. Sandler. Over the past 30 years, I have drafted trusts and other estate planning documents for clients on Long Island, in Nassau County and throughout New York.
Contact my office today. I offer a free initial consultation to answer your questions about trusts.
Do I Need A Trust?
For most people, a last will and testament can efficiently determine who should receive your property upon your death. However, there are some circumstances where a trust is well worth the investment. Here are some examples:
- If you own real estate in several states, placing those assets in a living trust can help you avoid the need to go through probate in multiple states. That will save your beneficiaries time and money.
- Placing assets in an irrevocable life insurance trust may be able to bring your estate below the limit where the estate tax would apply.
- Creating a special needs trust for a disabled adult can protect assets that would otherwise make the person ineligible for Medicaid and other government benefits.
The most common type of trust is a living revocable trust. There are many different types of trusts that can be used to accomplish specific goals. I am one of the few lawyers on Long Island who has experience drafting specialized trusts such as:
- Life insurance trusts
- Bypass trusts
- Credit shelter trusts
- Special needs trusts
- Charitable trusts
One of the most common mistakes that people make when creating trusts is to fail to transfer assets into the trust once it has been created. Unless assets are transferred into your trust, the trust is worthless.
Contact A Long Island, New York, Living Trust Attorney
I offer a free initial consultation. To discuss your case with me, Nassau County trusts attorney Mitchell Sandler, call 516-874-3520. I offer flexible office hours and evening and weekend appointments.