Trust Attorney in Centre Island, NY

Protect Your Family's Financial Future

When your Centre Island property and assets need protection, you need a trust attorney who understands Long Island’s unique challenges and your family’s specific needs.

Living Trust Creation Centre Island

Skip Probate, Save Time, Keep Privacy

Your family won’t wait months or years for probate court. They won’t pay excessive legal fees or have your private affairs become public record. With a properly structured trust, your assets transfer directly to your loved ones according to your exact wishes.

You maintain control during your lifetime while ensuring your family avoids the costly, time-consuming probate process that can drag on for over a year. Your trust remains private, protecting your family’s financial details from becoming part of the public record.

The peace of mind alone is worth it. You’ll know your Centre Island home, investments, and other assets are protected and will reach your beneficiaries efficiently.

Centre Island Trust Lawyer

Long Island Focused, Family Centered

We understand Centre Island families face unique estate planning challenges. With median home values exceeding $1.6 million and a community where 93% of residents own their homes, protecting substantial assets requires specialized knowledge.

We provide bilingual services in Spanish and Italian, recognizing the diverse needs of Long Island families. We offer home, hospital, and nursing home visits because we understand that estate planning discussions often happen during difficult times when travel isn’t practical.

Our focus on elder law, Medicaid planning, and trust creation means we’ve helped countless Long Island families navigate the complexities of protecting wealth while planning for potential long-term care needs.

Trust Administration Process Centre Island

Clear Steps, No Confusion

First, you’ll discuss your family situation, assets, and goals during a comprehensive consultation. This includes reviewing your Centre Island property, investments, and any concerns about future care needs or family dynamics.

Next, we draft your trust documents, ensuring they comply with New York law and address your specific circumstances. Whether you need a revocable living trust for probate avoidance or an irrevocable trust for asset protection and Medicaid planning, every detail is carefully considered.

Finally, you’ll fund the trust by transferring ownership of your assets. We guide you through retitling your Centre Island home, bank accounts, and investments into the trust name. This crucial step ensures your trust actually works when your family needs it most.

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Asset Protection Trusts Centre Island

Comprehensive Trust Solutions for Long Island

Centre Island residents need trust strategies that address Long Island’s specific challenges. With nursing home costs reaching $600,000 for an average three-year stay, asset protection isn’t optional—it’s essential.

Revocable living trusts help your family avoid probate while maintaining your control during your lifetime. Irrevocable trusts provide asset protection and can help you qualify for Medicaid benefits while preserving your home and savings for your family.

Special needs trusts protect disabled family members’ government benefits while providing additional support. Asset protection trusts shield your wealth from potential creditors and lawsuits. Each trust type serves different purposes, and the right combination depends on your family’s unique circumstances and goals.

How much does it cost to create a trust in Centre Island, NY?

Trust creation costs vary based on complexity, but most Centre Island families find the investment pays for itself by avoiding probate costs later. A simple revocable living trust typically costs less than probate court fees, attorney costs, and executor fees your family would face without one. More complex trusts for asset protection or Medicaid planning require additional legal work but can save tens of thousands in nursing home costs. During your consultation, you’ll receive a clear fee structure with no hidden costs. Consider that probate in New York can cost 3-7% of your estate value, while a trust is a one-time investment that protects your family’s inheritance.

What's the difference between revocable and irrevocable trusts?

A revocable trust lets you maintain complete control—you can change beneficiaries, add or remove assets, or cancel the trust entirely. It helps your family avoid probate but doesn’t provide asset protection or Medicaid planning benefits. An irrevocable trust requires you to give up some control in exchange for significant benefits. It protects assets from creditors, reduces estate taxes, and can help you qualify for Medicaid while preserving your home and savings for your family. Most Centre Island families benefit from revocable trusts for probate avoidance, but those with substantial assets or long-term care concerns often need irrevocable trusts for protection.

How long does the trust creation process take?

Most trusts are completed within 2-4 weeks from your initial consultation. The timeline depends on how quickly you can gather necessary documents and make decisions about trustees and beneficiaries. Complex trusts involving business interests or extensive asset protection strategies may take longer. However, we work efficiently to ensure your trust is properly established without rushing important decisions. The funding process—transferring assets into the trust—happens after signing and typically takes an additional 2-3 weeks as you work with banks, title companies, and other institutions to retitle your assets.

Can I be the trustee of my own trust?

Yes, with a revocable living trust, you typically serve as your own trustee, maintaining complete control over your assets during your lifetime. You’ll also name successor trustees who take over if you become incapacitated or pass away. With irrevocable trusts, you generally cannot serve as trustee because doing so would undermine the asset protection and tax benefits. However, you can name family members or professional trustees you trust to manage the assets according to your instructions. Many Centre Island families choose a combination—serving as trustee of their revocable trust while having professional trustees manage irrevocable trusts for asset protection.

Will a trust help me qualify for Medicaid?

Properly structured irrevocable trusts can help you qualify for Medicaid while protecting your home and savings for your family. However, Medicaid has a five-year lookback period, so planning ahead is crucial. If you transfer assets to an irrevocable trust and then need Medicaid within five years, you may face a penalty period. This is why many Centre Island families start Medicaid planning in their 60s or early 70s, well before they anticipate needing long-term care. We will analyze your specific situation and recommend the optimal timing and trust structure to maximize your Medicaid eligibility while preserving as much wealth as possible for your family.

What happens to my Centre Island home in a trust?

Your home can be transferred into either a revocable or irrevocable trust, depending on your goals. In a revocable trust, you maintain complete control and can sell, refinance, or modify the property as if you still owned it personally. In an irrevocable trust, the trust owns the home, which provides asset protection and potential Medicaid benefits. You can typically continue living in the home, but selling or major modifications require trustee approval. The transfer process involves preparing a new deed and may require title insurance updates. Your property taxes and homeowner’s insurance generally remain unchanged, and you keep your STAR exemption and other property tax benefits.

Local Resources

Centre Island, NY is located in Nassau County in New York State

Trust Attorney in Centre Island, NY

Protect Your Family's Financial Future