Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Recent Posts in Trusts Category

  • CAN MY LIVING TRUST PROTECT A SPENDTHRIFT HEIR?

    Living trusts are very versatile, and they provide a number of different benefits. We will look at a few of them in this blog post, with an emphasis on spendthrift protections. Measured Distributions You may have someone in your family who is not particularly good with money. Perhaps this individual has come to you over the years for assistance, and you are concerned about what will happen after ...
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  • ASSET PROTECTION: IS A TRUST THE SOLUTION?

    You may get the impression that a trust of any kind will provide asset protection . The idea is that you are divesting yourself of personal ownership of property that you convey into a trust. This is not entirely true. Let’s look at some of the details. Revocable Living Trusts Revocable living trusts are very popular, and part of the appeal lies in the fact that you can retain control of assets ...
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  • A LOOK AT THE NEW YORK PROBATE PROCESS

    Probate is a very big factor to consider when you are planning your estate. There are potentially numerous different parties that would have an interest in your estate. For this reason, your estate must be probated when you use a last will to arrange for the distribution of your personally owned property. The process of probate is in place to allow the business of the estate to be conducted before ...
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  • Why not just create your own estate plan using fill-in-the-blanks documents that you can find on the Internet? There are a number of answers to this question, but the thing that we would like to point out here is the need for a custom crafted estate plan.

    You have to be careful that you don’t do more harm than good when you are planning your estate. If you are not aware of all the relevant facts you may provide assets to loved ones in a way that is less than ideal, and they may ultimately pay a significant price. The above principle applies in a number of different situations, but we would like to look at the matter of special needs planning here. ...
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  • CLARITY REGARDING COMMON ESTATE PLANNING DEVICES

    There are a lot of different legal devices that are used in estate planning. People sometimes harbor misconceptions about them based on assumptions. We would like to shed some light on three common estate planning instruments here. The most common estate planning device is the simple last will. This document is typically used to arrange for future asset transfers and to name a guardian for minor ...
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  • WEALTHY FAMILIES CAN BENEFIT FROM GENERATION SKIPPING TRUST

    With a generation-skipping trust you can keep more of your hard-earned resources in the family for a longer period of time. Why would there be any need to utilize an estate planning device like a generation-skipping trust to preserve your wealth? The answer can be broken down to three words: the estate tax. We have a federal estate tax that is imposed on assets that you are transferring that ...
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  • DO YOU NEED A PROFESSIONAL TRUSTEE?

    Many people who create Trusts do not have a family member who is an appropriate person to appoint to serve as a Trustee. The person who serves as a Trustee should be financially responsible and someone who will not be tempted to administer the Trust for his or her own benefit instead of the benefit of the Trust beneficiaries. Ideally, the person should also be someone who the beneficiaries respect ...
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  • HOW FACEBOOK INSIDERS SAVE ON TAXES

    There has been a lot of talk recently in the media about the Facebook IPO and how company insiders are avoiding paying taxes on their earnings from it. The tools that they are using are called. Grantor Retained Annuity Trusts (GRATs). They can be an excellent way for wealthy people to transfer assets. A GRAT has a set term of at least two years, and the granter loses control of the assets for the ...
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  • SPENDTHRIFT TRUSTS AND ASSET PROTECTION

    If you have a child who is not good with money or owes a lot of money to creditors, you might have a a justifiable concern that any money you leave to them in a will or trust will be quickly blown or disappear into the bank accounts of the creditors. However, this should not stop you from leaving assets to your irresponsible child. An attorney can devise a trust for you that will protect your ...
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  • AN INSIDER'S GUIDE TO LIVING TRUSTS IN NEW YORK: PART 1 OF 3

    A living trust allows the person creating the trust to set aside money or property within the trust for the benefit of others by appointing a trustee to administer the trust and ensure the trust property is distributed to the beneficiaries. If you are the person creating a living trust, you are known as the grantor, owner or settlor of the living trust. A living trust is also known as a revocable ...
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  • Revocable Living Trusts Can Improve Efficiency

    Efficiency is the name of the game when you are engaged in estate planning, and when you choose to execute a will as your instrument of transfer you may be choosing an inefficient route. A will has to pass through the legal process of probate, and this is when the probate or surrogate court supervises the administration of your estate. Probate is not a bad thing in many cases because some estates ...
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  • Remarriage & Estate Planning

    Planning your estate is not something that you complete with one single action. It is an ongoing process, and every time something significant happens in your life, it will probably affect your estate plan in some way. For this reason it is important to schedule a visit with your estate planning attorney every time one of these life altering events takes place. One such occasion is a change of ...
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