Wills and Trusts Are Key to Successful Estate Planning. Even if your trust is simple, you should consider talking to an attorney. An attorney can review the trust you created or advise you on laws that are specific to your state. Estate planning is about finding out what will happen to your property after you die.
It's about ensuring that your assets are transferred to your beneficiaries as efficiently as possible. Estate planning can be much more than figuring out who will receive your assets. You are also preparing for the possibility that one day you will become incapacitated and unable to take care of your finances or make decisions about your health care. It's about protecting your assets and minimizing your tax liability, as well as planning for the needs of a disabled family member.
If you are thinking of developing an estate plan, contact an experienced New York estate planning lawyer who will not only be able to help you create a will that is consistent with your wishes, but will also explain other estate documents you may need to help you reach all your assets. planning needs. Assets held by a trust can be used to pay for the medical or educational needs of designated trust beneficiaries. Master charitable trusts and remaining charitable trusts that meet the technical requirements of the tax code can serve these dual purposes.
Special needs trusts are legal agreements that allow such individuals to receive financial support from the trust for private purposes without jeopardizing their eligibility for federal and state public assistance programs, such as Supplemental Security Income (SSI) and other benefits. The trustee is a trustee obligated to handle trust assets in accordance with the terms of the trust document and solely in the best interest of the beneficiaries. The laws relating to trusts and estates in New York are described in the New York EPTL Act - Estates, Powers %26 Trusts Law. A living trust is a trust created during life to save tax money or establish a long-term way to manage property.
However, if assets are transferred to a trust with the intention of avoiding creditors, or in circumstances that indicate that it would be reasonable to assume that creditors would seek the assets, the trust is unlikely to isolate assets from creditor claims. In this regard, it is important not simply to work with any New York trust and probate lawyer, but to obtain legal counsel who can apply years of experience to help an individual get the most out of their trust formation or estate planning process. In the case of a living revocable trust, for example, a person may create a trust (the creator of the trust) and be appointed current trustees (trust administrators) who manage the trust assets for their own benefit (trust beneficiary). In most cases, assets owned by a living revocable trust will pass to the beneficiaries (or heirs) of the trust immediately after the death of the creator (s) of the trust without the need for Such agreements are applicable in New York and must be drafted and executed in a precise and clear manner with the help of a trust and probate lawyer to avoid any possible negative repercussions.
Provided that the grantor has relinquished any control and beneficial interest over the trust assets, income from trust assets is not included in the grantor's taxable income and assets are not included in the grantor's estate. Then, to make it effective, use a standard deed or transfer document to transfer ownership of the trust into the trust's name, depending on the terms of the trust. It is important to recognize that a living trust will only control assets that are transferred in the trust's name. .
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