Frank L. Buquicchio is a Partner with the Russo Law Group, P.C. of Garden City, Islandia, Lido Beach and Manhattan, New York. He earned his law degree at Hofstra University School of Law and was admitted to practice in 1994. Frank is a member of ...
Practice areas & skills: Trusts, Estate Planning, Elder Law
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Practice areas & skills: Trusts, Real Estate, Divorce & Separation, Wills & Living Wills, Bankruptcy & Debt
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Practice areas & skills: Trusts, Health Care, Elder Law
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Practice areas & skills: Trusts, Child Custody, Divorce & Separation, Litigation, General Practice
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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.