Trusts - most people will ask for a trust and not really know what it can and cannot do for them. A trust can protect assets from creditors, among other things. A trust can also make the look back period an automatic 5 years. A trust must still be filed with Surrogate's Court and can be more expensive to administer then a Will.
You do not always avoid Surrogate's Court by having a trust. In fact, we recently had a family whereby the parents each set up a testamentary trust. It cost the family more money to administer the testamentary trusts then if they simply had a Will and did some estate planning.
Be careful of those who recommend Trusts. Make sure you learn all the facts from different sources and not just the person who wants to draft the trust for you.
Free consultations. 24 hours / 7 days a week. For more information call us at 631-425-7299 or visit us on our website at www.longislandestateattorney.com
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