Long Island lawyer helps preserve your family assets
A trust is a legal entity that holds and manages your property. Trusts are established in situations where holding an asset yourself or transferring it outright to your heirs would expose you to tax liability and diminish the value of your property. Assets transferred to a trust during your lifetime avoids probate of those assets. For more than 20 years, Mark H. Weiss, P.C. has helped Long Island residents establish trusts to preserve wealth and protect assets. We work closely with you to design a plan that best suits your financial situation and long-term goals. Our experience with a wide variety of trust entities includes:
Commack and Smithtown asset protection lawyer
Where wealth is concerned, the popular mantra has long been “It’s not what you make, it’s what you keep.” Trusts can shelter your estate from income tax, capital gains taxes, gift taxes and estate taxes. There are also special circumstances, such as Medicaid planning, where your long-term healthcare may eat away at your assets, but you want to protect your home. Mark H. Weiss, P.C. can show you how a well-designed estate plan protects your assets for your use and eventual transfer to your heirs.
Living trusts to keep your estate out of probate
Increasingly, individuals use living trusts to act as the primary document to pass assets. So long as the property is titled in this trust, you can avoid the costs, expenses and delays of probate. Mark H. Weiss, P.C. often recommends a trust when you have real property in more than one state, since each state may require its own probate or ancillary proceedings. Your privacy rights are better protected since the trust need not be filed with any court. A living trust may be used if you wish to disinherit someone. Living trusts are generally tax neutral: your tax will not be affected for better or worse. A living trust allows you to control your assets during your lifetime and to name the successor trustee to make sure your instructions are carried out. This type of trust can be amended or revoked by you at any time during your lifetime. However, a living trust does NOT provide protection against costs associated with nursing homes, home care or assisted living since it is revocable and you retain total control over your assets.