Sheryll Law, P.C. provides trust planning services including revocable, irrevocable, and special needs trusts.
Long Island Trust Planning Attorney
Estate Planning is equivalent to a personal insurance policy for your health, your assets, and long-term planning in case you can’t make decisions for yourself. Although hiring a Trust Planning Attorney may seem daunting the benefit is the peace of mind knowing your loved ones will prosper from your thoughtful planning.
Trust Planning is a powerful tool and hiring the right trust Planning Attorney can have benefits for your loved ones far after you are gone. From distribution to complex financial structures, Trusts are one of the most impactful and defensive wealth preservation strategies.
Sheryll Law P.C. is an experienced Long Island Trust Planning law firm. Our lawyers understand how to maximize wealth preservation to ensure your hard-earned assets are protected.
Common Types of Trusts
Long Island residents have access to a variety of trusts.
Common trusts include:
- Revocable trusts
- Irrevocable trusts
- Special needs trusts
- Life Insurance Trusts
- Q Tip Trusts
- QPRT Trust
- Gun Trust
- Dynasty Trust
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Sheryll Law, P.C. understands the needs of Eastern Long Island. Revocable trusts are just one of the estate planning tools used for our Long Island clients. Revocable trusts can prevent your estate from going to probate. Funding your revocable trust prevents probate while remaining in control of your assets. A revocable trust allows life's changes as the terms of the trust can be updated throughout your life. When you pass away, your successor trustee will be able to seamlessly distribute the property inside the trust to your beneficiaries.
An estate planning attorney may recommend an irrevocable trust. Irrevocable trusts will help with long term care planning as well as probate. An irrevocable trust appoints a trustee what will have control over the trust. Once an Irrevocable Trust is put in place it is more complex to alter or update to offer added assurites from contingencies outside of your control.
An irrevocable trust is a crucial component in the medicaid planning and application process. Since the trustee controls the assets within the trust, they are not included in the applicants estate. That means you can use an irrevocable trust to qualify for Community or Nursing Home Medicaid and minimize estate taxes.
Special Needs Trusts
Having a child brings worry, having a special needs child brings a whole other level of care, consideration, and worry. Working with an attorney that understands special needs trusts will give you as a parent that peace of mind that an unforeseen circumstance will not compromise the care that your child needs for their success. A special needs trust allows your child to enjoy your hard-earned assets, but still allow them to have access to supplemental needs programs, such as a disability. Don’t wait until your child turns 18 to explore your options. Sheryll Law, P.C. can help you get everything in place now, so the trust will be ready when your child turns 18.
Do You Still Need A Will?
A will must accompany a trust in an estate plan. Often, Long Island residents create what’s known as a pour-over will. A pour over will ensure that any assets outside the trust be transferred to the trust upon passing. Once the will goes through probate, the successor trustee transfers the assets into the trust. The assets then get distributed based on the terms of the trust. If you have minor children you will need a will to name a guardian for your children.