A trust is one of the most effective tools for protecting your assets. A trust allows you to control how and when your beneficiaries receive your assets, helps protect those assets from creditors, and may reduce taxes.
Sabrina Rabban, PLLC provides tailored estate planning services to clients throughout Nassau County. Discover how incorporating a trust into your estate plan can offer security, privacy, and peace of mind for you and your loved ones.
What Is a Trust Used For?
A trust is a legal arrangement where a person (the grantor) transfers assets to a trustee to manage on behalf of one or more beneficiaries. Trusts are commonly used in estate planning for the following purposes:
- Avoiding probate and ensuring a smooth transfer of assets
- Maintaining privacy of estate details
- Protecting assets from creditors and legal disputes
- Providing long-term financial support for beneficiaries
- Planning for incapacity or special needs
- Medicaid planning
Common Types of Trusts:
- Revocable Living Trust – Allows changes and full control during your lifetime, while avoiding probate
- Irrevocable Trust – Generally cannot be changed, offers asset protection, potential tax benefits, and avoids probate
- Testamentary Trust – Created through a will, and becomes effective after death
- Special Needs Trust – Provides for a disabled beneficiary without affecting government benefits
