Experienced Long Island Trust Attorney

There is no better way to preserve and control the distribution of your assets according to your specific wishes than to establish a trust. At the Elder Law & Special Needs Practice of Felicia Pasculli, Esq., we have been helping families maintain their financial legacy through trusts for many years. Elder law attorney Felicia Pasculli, Esq., has earned a reputation among satisfied clients across Long Island and throughout New York for her commitment to making sure our clients needs are met through the right kind of trusts.

Did you know: An party establishing a trust fund may be called either the trustor, the grantor or the settlor?

Three Types Of Trusts

There are basically three types of trusts our law firm establishes and administers on behalf of our clients, each designed to meet specific needs.

  • Irrevocable trusts: These trusts are primarily used for Medicaid planning, in which an individual can transfer ownership of bank accounts, brokerage accounts, and real property, particularly the personal residence permanently, to be administered by an appointed trustee. The trustor or Grantor, which is the preferred IRS designation, has the right to establish how the assets may be distributed at the time of establishing the trust, but may not control the assets. However, and experienced elder law attorney and trust draftsman will protect the Grantor by having the Grantor retain certain powers, as the ability to remove and replace the trustee.
  • Revocable trusts: Grantors establishing revocable trusts do not relinquish complete control over the assets. As the name implies, the money placed in trust may be reclaimed at any time or the trust amended, making these types of trusts unsuitable for Medicaid planning. However, assets placed in a revocable trust may help the family avoid probate upon death of the Grantor.
  • Special needs trusts: Families often establish a special needs trust to ensure a loved one with special needs will continue to receive public benefit such as Medicaid and SSI for his or her health and welfare after death of the estate holder. Trusts may either be established as living trusts, with assets distributed during the lifetime of the Grantor the trustor, or testamentary trusts, with assets not to be distributed until the death of the Grantor.

From our Long Offices in Bay Shore, New York, we provide legal counsel for clients in Nassau County, Suffolk County and communities throughout the state.

Learn More By Talking To An Experienced Trusts Lawyer

Call us or at 631-894-4730 or contact us by email to discuss your trust needs today.