• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Law Offices of Kobrick and Moccia

Long Island Estate Planning Attorneys

ESTATE, TRUST PLANNING &
ELDER LAW INFORMATION CENTER

Call Now: (800) 295.1917

  • Attend Our Free Webinars
  • Home
  • Our Firm
    • About Our Firm
    • Client Testimonials
    • Meet Our Team
  • Services
    • Blended Family Planning
    • Elder Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Guardianship
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Articles
    • Elder Law Resources
      • Commack Elder Law
      • Elder Law Reports
      • Harrison Elder Law
      • Hauppauge Elder Law
      • Rockville Centre Elder Law
      • White Plains Elder Law
    • Estate Planning Definitions
    • FREE Estate Planning Worksheet
    • FREE Seminars
    • Frequently Asked Questions
      • Elder Law
      • Estate Planning
      • Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Is My Estate Plan Outdated?
    • Legacy Wealth Planning Consultation Form
    • Medicaid Resources
    • Probate Resources
      • Harrison Probate
      • Hauppauge Probate
      • Long Island Probate
    • Probate Checklist
    • Special Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Communities We Serve
    • Nassau County
      • Garden City
      • Lynbrook
      • Malverne
      • Rockville Centre
    • Suffolk County
      • Commack
      • Dix Hills
      • Hauppauge
      • Nesconset
      • Smithtown
    • Westchester County
      • Harrison
      • Mamaroneck
      • Rye Brook
      • White Plains
  • Webinars
  • BLOG
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
Home » Trusts » Hauppauge Living Trust Lawyers Urge Parents to Consider Establishing a Trust

Hauppauge Living Trust Lawyers Urge Parents to Consider Establishing a Trust

November 15, 2017 by Anthony Moccia

Hauppauge Living Trust LawyersEvery adult in the United States should have an estate plan in place. For the parents of minor children, however, estate planning takes on a heightened importance. Knowing that your children will be financially secure, and that someone you trust will be looking out for their best interests, provides an invaluable piece of mind for a parent. A well thought out estate plan will typically incorporate a wide variety of tools and strategies into the plan in order to achieve all the inter-related estate planning goals. If you are the parent of a minor child, the Hauppauge living trust lawyers at the Law Offices of Kobrick & Moccia urge you to consider establishing a trust as part of your overall estate plan.

Estate Planning Concerns for Parent of Minor Children

Estate planning is a highly personal endeavor that focuses on your own unique needs and wishes. As such, no two estate plans are exactly the same. There are, of course, some basic estate planning goals that tend to be found in most estate plans. For example, most estate plans create the framework by which the creator’s estate assets are distributed after his/her death. A Last Will and Testament also serves as the foundation for most estate plans. The estate planning needs and wishes of the parent of a minor child, however, will understandably be different than those of someone in his/her retirement years.

As the parent of a minor child, one of your primary concerns will be providing for your children financially in the event that something happens to you, including your death or incapacity. One important way in which the estate plan of a parent with minor children differs from the estate plan of someone without minor children is that the parent with minor children must consider the fact that a minor child cannot inherit directly from the parent’s estate. This means that as the parent of a minor child, you must entrust your child’s inheritance to someone else or make other plans within your estate plan.

If you were to become incapacitated, your children would also need access to assets for their support. If you are the children’s sole provider, you will need to make plans within your estate plan for your children’s support and maintenance during your period of incapacity.

How Can a Living Trust Help?

A living trust is an invaluable estate planning tool for the parent of minor children. A properly drafted living trust can protect and provide for your minor children in the event of both your death or your incapacity. If you are unfamiliar with the concept behind a trust, a trust is created by a Settlor (you), who transfers title to some or all of his or her property to a Trustee (chosen and appointed by you), who then holds title to that property in trust for the benefit of the beneficiaries (in this case your children).  As an incapacity planning tool, you can appoint yourself as the Trustee of the trust and appoint the person you wish to take over control of your assets in the event of your incapacity as the successor Trustee. Should you become incapacitated, the successor Trustee takes over as the primary Trustee automatically, providing him/her with control over the trust assets to be used to provide for your children. You can also use a trust to distribute your estate assets to your minor children after your death. Because your minor children cannot inherit until after they reach the age of majority, the inheritance you leave for them will remain in the trust until they are old enough to inherit directly. In the meantime, the trust assets will continue to grow and provide financially for your children pursuant to the terms you establish as the Settlor. You also have the ability, through the use of the trust terms, to stagger the disbursements to your children so they do not receive a large lump sum of money before they are mature enough to handle it.

Contact Hauppauge Living Trust Lawyers

For more information, please download our FREE estate planning worksheet. If you have questions or concerns relating to establishing a living trust for your children,  contact the experienced Hauppauge living trust lawyers at the Law Offices of Kobrick & Moccia by calling 800-295-1917 to schedule your appointment.

  • Author
  • Recent Posts
Anthony Moccia
Anthony Moccia
Anthony Moccia is an attorney and partner at The Law Offices of Kobrick & Moccia.His practice focuses on estate planning and elder law.He is a member of the New York State and Nassau County Bar Associations.He frequently presents free seminars on wills & living trusts to area residents and his seminars are said to be “informative, entertaining & easy to understand.”
Anthony Moccia
Latest posts by Anthony Moccia (see all)
  • “Last Will and Testament” Origin - April 1, 2021
  • Do I Need a “Durable” Power of Attorney? - April 2, 2020
  • Joint Tenancy Pros and Cons - March 31, 2020

Filed Under: Trusts

Other Articles You May Find Useful

Hauppauge living trust attorneys
Why Would I Want to Make My Trust Irrevocable?
Harrison inheritance planning
Should I Leave My Children an Equal Inheritance?
Hauppauge revocable trusts
How Do I Know When to Use a Revocable Trust?
QTIP trust requirements
QTIP Trust Requirements
Hauppauge living trust attorneys
Why Might I Need a Living Trust?
Harrison living trust lawyers
Incentive Trusts

Primary Sidebar

Law Offices of Kobrick and Moccia

Download our free estate planning worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

GARDEN CITY

1305 Franklin Avenue Suite 170
Garden City, NY 11530
United States (US)
Phone: (516) 248-9500
Fax: (516) 248-7606

HAUPPAUGE

150 Motor Parkway Suite 401 (Regus)
Hauppauge, NY 11788
United States (US)
Phone: (631) 941-3400
Fax: (516) 248-7606

HARRISON

600 Mamaroneck Avenue, 4th Floor
Harrison, NY 10528
United States (US)
Phone: (914) 701-0777
Fax: (516) 248-7606

MAP

kobrick_sidbr_map

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • LinkedIn
  • Twitter

The information on this Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Kobrick and Moccia, Attorneys at Law. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

Law Offices of Kobrick and Moccia
Attorney Advertisement
© 2023 American Academy of Estate Planning Attorneys, Inc.