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Recent Posts in Trust Planning Category

  • Can an Estate Plan Provide for My Special Needs Child?

    It is never too early to begin thinking about the future and if you have a child with special needs, you must take extra care to plan for their future as well as your own. When planning for the future of a special needs child, there are additional factors to consider on top of traditional estate planning. By utilizing tools such as a special needs trust, you can provide your child with long term ...
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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 3 OF 3

    To fund your living trust, you need to transfer assets into your trust. You can transfer money and property into your trust by placing title to your bank account and title to your real property into the trust. You must specifically identify the property and accounts within your trust. In addition to properly funding your living trust , you need to appoint an individual or trust company to oversee ...
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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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  • HOW LONG DOES IT TAKE TO SET UP A REVOCABLE LIVING TRUST?

    On average, it takes about 2 to 4 weeks to get the revocable living trust in place; then, it takes another few weeks to 6 months to get the trust fully funded. This is a relaxed pace; if there is an emergency, such as a terminally ill client, the entire process can be sped up. You and your family are protected the moment that you sign your living trust document. It is effective immediately. ...
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  • I HAVE A TRUST; HOW SHOULD I OWN MY PROPERTY?

    You should own your property in accordance with your needs, goals, and up-to-date estate plan, designed by a qualified estate planning attorney. Proper asset ownership is a key to a successful estate plan ; and, most people don’t own their assets properly. If you have a revocable living trust , fund your assets into the trust. If you do trust-based planning, your estate planning attorney will tell ...
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  • WHY WOULD I WANT MY INHERITANCE TO BE IN A TRUST?

    Inheriting in a lifetime protected trust is the absolute best way to receive an inheritance. And, you should keep your inheritance in your trust. Why? Good question. And, we have good answers. Read on. When your inheritance is in trust, it’s protected. This means that it’s available for your use, and likely your children’s use, but no one else. The trust will be drafted with protective language so ...
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  • 9 IMPORTANT TRUST PLANNING TERMS

    We’ve found that our clients benefit from reviewing our “9 Important Trust Planning Terms” so we’re sharing it with you as well. If you have any trust planning questions or concerns, be sure to consult with a qualified trust planning – estate planning attorney. Trust A trust is a legal agreement, technically, a contract. The trust is like an instruction book that gives guidance to the trustee as ...
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