Trusts Lawyer in Smithtown
Protect and Distribute Your Assets in a Private & Timely Manner with the Help of Our Experienced Trust Attorneys
Why You Need a Trust?
The question is often asked – “Do I need a Trust?” There are many life events and/or circumstances that should lead you to consider exploring trust planning with your Elder Law Attorney. For instance, if you own property you would like to protect, are recently retired, own properties in multiples states, have a recent diagnoses or health concern, if you want to avoid probate or disinherit a beneficiary, if you are planning for long term care and want asset protection, or if you want a private way to distribute your assets while avoiding probate, you may consider trust planning. This written legal document accomplishes many of the same goals as a Last Will and Testament but does not involve probate court. In a trust, you appoint an individual called a “trustee” to be in charge of managing and distributing your assets to the beneficiaries you have specified. While trusts allow you to divide your assets privately and efficiently, setting them up can be complicated. There are many different types of trusts and it is important to understand the right trust to meet your unique circumstances and goals.
At Fratello Law, we understand the complex nature of trusts and how to handle your estate plan with personalized care and expertise. Our compassionate trust attorneys in Smithtown, NY understand the emotional challenges of creating a trust, so we work closely with you to relieve your stress and give you the knowledge you need to make the best decisions for your future. With extensive experience serving the Smithtown area, you can rely on us to give you a hassle-free experience and the individual care you deserve.
When and Why Do You Need a Trust?
You do not have to be at retirement age or older to set up a trust. Oftentimes, clients who come to us to set up a trust do so in an emergency or after an unfortunate turn of events, and many wish they would have sorted it out much earlier. If you are considering setting up a trust, you may not know if it is right for you. Asking yourself the following questions can help make this decision easier:
- Do you want to ensure the assets and belongings you’ve worked so hard for are protected for your loved ones?
- Do you own real property in multiple states?
- Do you want to disinherit a family member?
- Do you need long term care?
- Do you have special needs beneficiaries?
- Do you want to avoid probate?
- Do you have a taxable estate?
If you answered yes to any of these questions, setting up a trust may be your best option. Our knowledgeable Smithtown trust attorneys can help you determine which type of trust you should set up. Certain trusts provide asset protection, which is necessary if you have future creditors or are applying for Medicaid to cover long term care costs. Furthermore, these documents keep asset distribution between the trustee and beneficiaries, leaving no public record and maintaining your privacy.
Schedule a free estate planning consult today.
- Are you a new parent and considering a trust for minors?
- Are you a recent retiree and are thinking about protecting your assets with a trust?
- Are you looking for a private way to distribute your assets without the hassle or cost of going to court?
- Is one of your beneficiaries disabled and receiving government benefits?
- Are you aware that special planning must take place in order for your heirs with disabilities to inherit your assets?
- Do you have children from prior marriages?
- Do you have very specific stipulations for who should inherit your assets and when?
- Are you having trouble appointing a trustee?
What Are the Responsibilities of a Trustee?
In a trust, a trustee is appointed to carry out the wishes listed in the document. This high level of responsibility can make it challenging to know who to select to be your trustee. We can help you better understand the following trustee duties and navigate the selection process:
- Fiduciary duties: This means trustees must act in the beneficiaries’ best interests and take the role seriously, treating it with the utmost respect and responsibility.
- Distributing assets: The primary responsibility of a trustee is to administer assets according to the trust’s terms. This often includes managing assets, making distributions, and filing the necessary paperwork.
Investment management: Trustees should manage investments within the trust to preserve and maintain its value. - Tax compliance: Trustees must ensure the trust complies with all applicable tax laws, including filing tax returns and paying any taxes owed.
Record keeping: Trustees should keep detailed records of asset distributions, any trust changes, income, and expenses and inform beneficiaries of these developments.
At Fratello Law, we understand the laws and regulations that apply to your unique circumstances and type of trust. In addition, our seasoned trust attorneys located in Smithtown, NY can help you select a trustee who will meet your needs and handle these responsibilities with loyalty and integrity.
Why Choose Fratello Law to Help With Your Smithtown Trust?
As a legal team with years of experience creating trusts on behalf of our clients, we understand all of the concerns, complications, and emotional difficulties that make creating a trust challenging. With so much on your plate, having our experienced Fratello Law trust lawyers on your side helps ensure you have a stress-free experience, and you can rest assured you and your assets are in the right hands. In addition to our empathetic approach, we have the legal expertise to ensure that your assets and belongings go to the right people in a private and timely manner. This is part of what makes us Smithtown’s premier trust lawyers.
We set ourselves apart with trust lawyers on staff who focus on creating trusts. But more importantly, we treat our clients like family . Our respectful and professional Smithtown trust layers take the time to understand your unique needs and concerns, working efficiently and diligently to make sure you have a plan that works for you and your loved ones. This dedication helps us establish trust and build high-quality relationships with all our clients.
Schedule a Free Consultation With the Reputable Smithtown Trust Attorneys at Fratello Law
If you have assets that will need to be divided after your death and want this process to move quickly and be handled privately without court involvement, our Fratello Law trust attorneys can help you set up a trust. We are a family-oriented firm with years of experience serving the Smithtown area. Our unmatched services and transparent communication have helped our clients achieve their goals and make the best decisions for their futures.
We are a small firm with a big heart, striving to help our clients through every stage of life. When working with us, you can focus on what matters most while we handle the complications of setting up your trust. Give us a call at (631) 406-5580 or fill out our contact form to schedule a no-cost initial consultation today. We look forward to welcoming you to our client family.
