Trust is a powerful asset protection tool
The Trusts, Estates, and Probate Practice Group – Areas of Expertise
- Preparation of estate and tax planning and related documents that include Wills, Trust agreements, Living wills, Health care proxies and Powers of Attorney
- Asset and creditor protection planning and advice
- Documents relating to charitable trusts and foundations
- Probate, Administration and related matters
- Medicaid planning, guardianships, and special needs planning
- All aspects of estate and trust administration
- Preparation and filing of estate, gift and fiduciary income tax returns
- Advice to persons and entities in the United States and abroad
ALL ABOUT THE LIVING TRUST
What is it?
Choosing the Trustee of your Living Trust
1. Naming children
2. Consider using a professional.
3. Power of removal
Funding the Trust
The Living Trust is for your benefit
- You own the assets in the Living Trust.
- You are the manager of the assets in the Living Trust.
- You can do whatever you want with the assets in the Living Trust.
- Protect them;
- Preserve them;
- Ultimately distribute them to the person(s) you want them to go to.
Death tax planning
What kind of Trusts are there?
ESTATE PLANNING FOR FAMILIES WITH YOUNG CHILDREN
Incorrect Assumptions that Cause Harm
Do Not Give Up Control
The Probate Process
The Best Way to Provide For Your Family
Appointing a Guardian For Your Children
The Benefits of a Living Trust
A Well Thought Out Estate Plan is Critical
TRANSFERRING THE HOME TO A LIVING TRUST
Transferring your home to your child
- Outright gift
- Gift with a reserved life estate
- Gifting by trust
How to properly leave an inheritance of your house
WHEN IS IT TIME TO UPDATE YOUR ESTATE PLAN?
Essential Estate Planning documents
Five Essential Steps for Estate Planning
Make sure your wishes are met
Questions & Answers
2) Living trusts can be used to lower probate expenses and shorten the length of the estate probate proceeding.
3) The Living trust offers maximum flexibility, control and coordination in disposing of a client’s assets. Just like a Last Will and Testament, it can be used to distribute your assets pursuant to your specific instruction by the named Trustee.
4) A valid living trust is governed by a contractual agreement and is continuously and dutifully managed by a trustee for the benefit of the grantor and named beneficiary making it less likely to be challenged or become tied up in surreptitious and superfluous litigation challenging proper financial distribution or the grantor’s intent. When an executor of a Will submits the Last Will and Testament for probate a contest by an interested party can cause delay and extensive legal fees. Similarly, if you die intestate (without a Will) succession laws can frustrate your intent and leave your loved ones unprotected or incapable of accessing the estate’s assets because they are tied up in the various court proceedings. A probate lawyer can assist in the preparation of your trust and prevent such unnecessary delay, cost and difficulty during estate distribution.
5) Making modifications and amendments to a living trust is significantly easier than amending a Will and the process has fewer requirement formalities. Amending a Last Will and Testament or a Living Will can be a very cumbersome and frustrating process as there are many requirements that must be followed according to New York State law.
6) Living trusts can better protect and shield your assets. In many states, assets transferred to a living trust during the grantor’s lifetime are protected after the grantor’s death from claims of both creditors and the grantor’s surviving spouse. An estate planning attorney can assist you in protecting your assets in the best way for your loved one’s benefit.
7) A funded living trust can be set up to provide uninterrupted management of grantor’s assets should the grantor become incapacitated.
For example, a hospital or medical care provider would refer to a living will in the event that aperson becomes unconscious from a terminal disease or has an incurable or irreversible mental orphysical condition with no reasonable expectation of recovery. The living will would state whetherthe person wishes to receive life-sustaining treatment (tube feeding, breathing machines, cardiacresuscitation or other similar medical intervention).
A living will is typically executed alongside a health care proxy. A health care proxy is anotherlegal document in which an individual names an agent to make health care decisions on his/herbehalf if he/she unable to do so for him/herself. Your wishes and directives for medical carewould be stated in your living will.
Some examples of medical care directives that a living will can dictate include:
- Preferences for blood transfusions;
- Pain medication options;
- Request for feeding tubes;
- Any other specific directive or instruction.
While New York State does not have a specific law governing living wills, the New York Courtof Appeals has stated that living wills are recognized as long as they provide “clear andconvincing” evidence of your wishes. Therefore, an adult (aged 18 and older) may expresshis/her wishes with respect to his/her medical care by executing a living will.
New York State does not have a standard form nor specific formality requirements for theexecution of a living will. However, it is recommended that a living will be witnessed by twowitnesses and notarized so that the document can be recognized in states that do requirenotarization.
- New York Power of Attorney
- Living Will
- Health Care Proxy
- Certificate of Incorporation
- Estate Planning Questioner