Special needs trusts (SNTs) are important tools for individuals with disabilities who need to maintain eligibility for government benefits while still having access to funds to supplement their needs and enhance their quality of life. They provide a mechanism for...
Trusts
Trusts
Effective ways to give out to charity in New York
Helping others is the most noble and satisfying thing one can do. It not only brings happiness to those in need but also gives the helper a sense of purpose and fulfillment. If you feel philanthropic in New York, it's only right to ensure you know the best ways to...
The potential downsides to a trust
While a last will and testament might be the most common way people transfer assets to family members and other beneficiaries after their death, another option exists. Estate planning in New York may involve setting up a trust, which can allow certain assets to...
Why consider a spendthrift trust?
A trust may be a powerful estate planning tool if you are hoping to avoid probate and retain control of your assets. When structured properly, it may prevent beneficiaries from squandering their inheritances or using funds in a manner that you don't agree with....
Which trust best fits your estate planning needs?
Trusts are an essential estate planning tool in New York and around the country. They can provide benefits such as tax savings, asset protection and significant flexibility in managing your finances after you die or become incapacitated. As you consider different...
What you should know about a charitable lead trust
A charitable lead trust (CLT) is a type of trust that is commonly used for charitable giving and tax planning purposes. A New York donor creates a CLT by transferring property to a trustee for the benefit of a charity. How a CLT works A charitable lead trust sets up a...
When a grantor trust is built to be broken
What happens when the grantor trust that's been set up was intended to be defective? Sometimes, they're supposed to be that way. IDGTs are a type of grantor trust that is purposefully broken by design so that the New York grantor can ensure that the income tax...
TOD accounts or revocable trusts for transferring assets?
Transfer on death or payable on death accounts make people question whether they should create revocable trusts. TOD and POD accounts avoid the probate process after someone dies. New York allows a person to register stocks and bonds in a TOD account. There are pros...
Can you set up a special needs trust in New York?
If you leave behind an inheritance for your special needs child in New York, they may become ineligible for government benefits. They must wait until they have used their inheritance to apply again for government benefits. The way to prevent this from happening is to...
Using a charitable remainder trust in your estate plan
If you live in New York and you are preparing an estate plan, you might be interested in giving a portion of your estate to charity. With a charitable remainder trust, you can still provide for beneficiaries and may be able to take advantage of a tax deduction as...