Families in New York with disabled loved ones may consider available options to ensure their proper care. Special needs trusts can be set up to augment government assistance for a person with disabilities. Benefits provided by the state and the federal government typically cover no more than the individual's most basic and essential needs.
Nobody wants to lose control over assets that were accumulated during one's lifetime. While many New Yorkers think trusts are only for those with significant wealth, they are serve a wide variety of purposes and can guarantee the distribution of assets precisely as planned. Furthermore, beneficiaries can receive trust funds when the creator of the trust intended them to receive them -- at specific ages or upon predetermined achievements.
Life changes, and when it comes to estate planning, modifications may be necessary from time to time. Changing revocable living trusts can be done in different ways. Although a complete revocation can cancel the trust, this can be an expensive and time-consuming process. New York residents have other less-complicated options available by which the necessary changes can be made.
When it comes to estate planning, New York residents might have questions about the need for some of their carefully laid out plans now that the new tax laws that almost doubles the estate tax limit came into effect. Having trusts and the need to update them might be questioned. However, it is now more important than ever to do an overall review of estate plans to make adjustments to accommodate the new tax laws.
Life is unpredictable for most people in New York, and planning for the future and the distribution of one's assets after death can be a daunting task. Fortunately, estate planning that includes trusts can be modified to suit changing circumstances over time. An example is a woman who married a man with a child from a previous marriage and then divorced within one year. However, she developed a bond with the child and would like to leave him an inheritance.
The primary concern for New York people who have estate plans in place is likely their loved ones and family members. Some draft only wills, others create trusts. One part of the family that many people forget to include in their plans is their pets, even though they are usually considered members of their families. It can be a mistake to assume that surviving family members will take care of beloved pets after the owner's death.
When a person in New York sets up an irrevocable trust, another party is appointed as the trustee to administer the trust from the date of establishment. However, different types of trusts serve various purposes, and when a revocable trust is established, the trust maker can administer the trust him or herself. A successor trustee will be appointed to take over if the trust maker becomes debilitated and unable to manage the trust -- or when the trustor dies.
Many people in the United States, including in New York, are at the age where they need estate plans but have not taken the time to create them. Without an estate plan, a person's assets may not end up in the intended hands following one's death. Both trusts and wills can be invaluable estate planning tools.
A retirement account is usually the most significant asset a person owns. Through estate planning, people in New York can make sure that their heirs will get the most benefits from what remains of their retirement assets after their deaths. Trusts are particularly helpful for achieving this goal -- specifically, the typical revocable trust.
When individuals in New York are young and healthy, it is easy for them to overlook the value of estate planning. However, failing to create an estate plan is a major mistake. Estate planning, which may involve creating wills or setting up trusts, is critical for ensuring that a person's assets end up in the hands of those whom he or she intends to receive them in the event of his or her death.