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....
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...
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...
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...
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...
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...
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...
There are many types of trusts that can be used in estate planning in New York, and one of the most popular ones is the charitable remainder trust. This type of trust works for those who want to give back to the community, while also leaving money for their heirs....
Estate planning is a different experience for everyone, but there are similar concerns that come with creating a trust and will. Every estate planner in New York must consider their options when it comes to different types of trusts. You should learn about the four...
Estate planning is not only for the wealthy. Everyone in New York state would be wise to establish wills and trusts with the guidance of legal counsel. When a person sets up a revocable trust, the trustor can manage it while he or she is alive and able. However, a...
