I am an Associate with the law firm of Vincent J. Russo Associates, P.C. of Westbury, Islandia, Lido Beach and Manhattan, New York.I earnedmy law degree at St. Johns University School... more
I am an Associate with the law firm of Vincent J. Russo Associates, P.C. of Westbury, Islandia, Lido Beach and Manhattan, New York.I earnedmy law degree at St. Johns University School of Law and served as Research Editor of the New York Litigator.I ama member of the New York State Bar Association admitted to the New York and the New Jersey Bars. I havepresented seminars on Elder Law and Es... view profile
A trust is an arrangement whereby someone owns and manages money or property for another person's benefit. Like a guardianship, a trustee has decision-making authority over the trust property, but no court is involved in the trustee's action–the person who creates the trust defines the scope of the trustee's power. There are many different trust types, including probate trusts, income trusts, spendthrift trusts, and educational trusts. For example, a living trust allows you to manage your property while you are alive and to direct who will manage it if you become incapable of doing so. In essence, you choose your own “guardian” in advance and avoid having the court do it for you. A trust attorney reviews the many reasons for establishing a trust with you, and can ensure your trust will be legally valid.