Estate planning involves many important decisions, including choosing a trustee to manage a trust’s assets. You might assume that once a trustee assumes their role, the trust will succeed. Unfortunately, things do not always work out, and you may find yourself needing...
Trusts
Trusts
Clarifying common misconceptions about trusts in estate planning
In estate planning, a trust can be a powerful tool for those who want to protect their assets. In addition, having a trust can allow the grantor to ensure the fulfillment of their wishes after they pass away. But with so much misinformation circulating, it is no...
Why consider an irrevocable trust in your estate plan?
Setting your estate plan up so that it accurately reflects your wishes is critical. Many people don’t realize that you don’t have to be wealthy to need an estate plan. Ideally, all adults will have a plan in place. Trusts are one of the options that you have for...
What is the difference between first-party and third-party special needs trusts?
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...
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...