In recent years, trusts have become a commonplace addition to even the most simple estate plan. Unfortunately, the creator of a trust doesn’t always discuss the appointment of a Trustee with the intended Trustee. If you recently learned that you were appointed as a Trustee, and you have never before served as a Trustee, you probably don’t know where to begin in your trust administration duties. The following trust administration checklist will help you get started in your new role as … [Read more...] about Trust Administration Checklist
Because of the numerous and varied estate planning goals a trust can help achieve, it is very common to see at least one trust agreement in the average estate plan. Once a trust becomes active, the trust must be administered by the Trustee. Trust administration is frequently more complex and complicated than people realize. Failing to understand what is involved in trust administration can lead to appointing the wrong person as your Trustee which is why it is imperative to learn the basics of … [Read more...] about What Is Involved in Trust Administration?
When an individual creates a trust, that person (known as the “Settlor”) must make a number of very important decisions. One of those is who to appoint as the Trustee of the trust. After all, the Trustee is responsible for managing, protecting, investing, and distributing the trust assets as well as the overall administration of the trust. If you were recently informed that a Settlor appointed you to be the Trustee of a trust, and you have never before served in that capacity, you may be … [Read more...] about Trust Administration in Harrison, Westchester County — Trustee Pitfalls to Avoid
One of the most common additions to a comprehensive estate plan is a trust. Trusts have increased in popularity over the last several decades in large part because of the numerous and varied goals they can help achieve within an estate plan. If you are planning, or contemplating, the addition of a trust to your estate plan, it is in your best interest to discuss your options with your New York estate planning attorney first to ensure that you choose the right type of trust for your intended … [Read more...] about Tips for Setting Up a Trust
One of the most common additions to a well thought out and comprehensive estate plan is a trust. Although once used primarily by wealthy families as a way to pass down the family wealth without paying taxes on the transfer of that wealth, trusts are now commonly used by the average person. In fact, trusts have evolved to the point where there is a specialized trust for almost every estate planning goal or objective. One thing all trusts have in common though is the need to appoint a Trustee to … [Read more...] about 5 Things You Need to Know about Trust Administration
Many clients are confused about the role a living trust can play in their estate planning efforts. A trust is created so that assets or property can be moved to the trustee who’s named in the living trust. Many don’t like the idea of relinquishing ownership of their assets, but the benefits are worth consideration for many of those people. It’s not that you’re losing control of your property or assets, it’s still yours. You’re just covering the legal bases in case you become incapacitated or die … [Read more...] about Do You Need a Living Trust?
Ever wondered what per stirpes means? Maybe you’ve wondered the difference between per stirpes and per capita? With so many legal terms from Latin derivatives, it’s understandable that their definitions can get lost in translation. It also accounts for the number of people who will delay this important task. Here’s a look at a few of those terms, the purpose they serve and how New York determines their respective roles in estate planning. Per Stirpes or Per Capita? Let’s take a look at these … [Read more...] about Garden City NY Estate Planning: Per Stirpes, Per Capita & Other New York Legalities
Being a spendthrift isn’t such a bad thing. In New York State, all trusts are usually considered as spendthrift trusts. Spendthrift trusts do not allow the beneficiary to assign income from the trust or to sell the interest in the trust to another party. This provides some protection from garnishments of creditors. There are major exceptions to this general rule. Federal tax liens and child support or alimony payments are enforceable. Judgments of creditors against an individual may be … [Read more...] about Being a Spendthrift is not a Bad Thing
Postmortem planning is something that you must take into consideration when you are making preparations for the inevitable. Deciding how you want your financial resources distributed is part of the equation. However, you also must take the necessary steps to make these wishes come to fruition. There is a human element because there are practical tasks that must be completed when your estate is being administered, whether you use a last will or a trust of some kind to transfer your … [Read more...] about Trust Administration Report Offered
There is nothing more frustrating for us, as humans, to not be able to grasp a concept or understand what we’re reading. When it comes to legal terminology, as estate planning attorneys, we usually don’t hear from a client until they’re ready to hurl the paperwork out of a fast moving train. And that’s OK – that’s what we’re here for and it’s our job, as legal professionals, to eliminate the confusion. That said, one of the most frustrating aspects of the law sector as a whole is the end of … [Read more...] about Funding, Retitling and Other Confusing Estate Planning Terms