Helping New York Families With Trusts
Planning for your family’s future can feel overwhelming, especially when you want to secure your wishes and your loved ones’ futures.
At Becker Law & Advocacy PLLC, we understand these concerns and work closely with families throughout Massapequa and the surrounding areas to create trusts that provide peace of mind. Our attorney, Amanda L. Becker, has over 15 years of experience that guides her in serving her clients.
Understanding The Difference Between Wills And Trusts
When it comes to estate planning, many people wonder whether they need a will or a trust. While both serve important purposes, trusts offer distinct advantages. When you create a trust, your beneficiaries can avoid the probate process entirely.
This means your loved ones won’t have to wait months to access the assets you’ve left them. Trusts typically cost more to establish than wills, but this upfront investment saves your beneficiaries significant time, money and stress down the road.
Revocable Vs. Irrevocable Trusts
We help clients in Nassau County and Suffolk County choose between two main types of trusts:
- Revocable trust: This gives you flexibility and control during your lifetime. You can modify or dissolve it as your circumstances change, and it protects your family from probate when you pass away.
- Irrevocable trust: This type requires you to give up direct control of the assets but offers stronger asset protection. It can be particularly valuable for clients with higher net worth who want to shield their wealth from creditors or reduce estate taxes.
The right choice depends on your specific financial situation and goals.
Special Needs Trusts For Loved Ones With Disabilities
Families caring for someone with disabilities often worry about how to leave an inheritance without affecting that person’s access to essential government benefits. A special needs trust addresses this concern by setting aside funds that supplement, rather than replace, public assistance. Amanda’s personal experience as a parent of a child with a disability gives her unusual insight into the challenges families face.
How Trusts Work With Medicaid Planning
Many people believe Medicare will cover long-term care expenses, but this is a common misconception. Medicaid covers long-term care in nursing homes and assisted living facilities. Properly structured trusts can help you qualify for Medicaid benefits while protecting assets you want to pass to your beneficiaries.
How Can A Trust Help My Family Avoid Probate In Nassau County?
When you transfer assets into a trust, those assets are no longer part of your probate estate. Your beneficiaries can access them quickly after your death without court involvement. Avoiding probate saves time, reduces costs and keeps your family’s financial matters private.
What Assets Should I Consider Placing In My Living Trust?
There are many assets that a trust can protect. Common ones to place in a trust include:
- Real estate: Your primary home and investment properties
- Bank accounts: Checking, savings and money market accounts
- Investment accounts: Brokerage accounts and stocks
- Business interests: Ownership stakes in companies or partnerships
Some assets, like retirement accounts, may be better left outside your trust depending on your situation.
Discuss Your Trust Options With Becker Law & Advocacy PLLC
We invite you to schedule a consultation where we can review your circumstances and help you determine whether a trust makes sense for your family. Call us today at 631-920-4811 or send an email to take the first step toward protecting your legacy.