A trust document allows you to spell out how you want the property contained inside the trust to be distributed to beneficiaries. This article will discuss the various essential components of a trust that are required for its creation. First, you need to have an...
Trusts
Who will manage your trust? Choosing a trust administrator
When a New York resident decides to create a trust, one of the most important decisions they must make is who will serve as trust administrator. It is crucial to think about this decision carefully before making the decision. After all, this person will be responsible...
Let a lawyer refamiliarize you with living trusts
The term "living trust" has fallen by the wayside in recent years, but this type of estate planning document is still relevant. What is a living trust? It is a type of trust you establish during your lifetime instead of a will or other legal document that goes into...
Planning for estate taxes in New York
Tax consequences are something that all New York residents need to consider when planning their estates. Indeed, if you do nothing to limit your estate tax liabilities, the inheritance you plan to leave to your heirs could be much smaller than you think it is. Federal...
What are some benefits you receive from trusts?
Trusts are complex legal vehicles, but they can bring some very simple and profound benefits to your estate and your heirs. One key to getting the most out of a trust is understanding what kind of trust you need. Working with a legal professional to choose a trust and...
What if a child doesn’t go to college after being given a fund?
As part of your estate, you may want to set up a trust or a savings account for children or grandchildren to go to college. This can be a great way to distribute your earnings, especially if you want to help but you also want to make sure the money is really used the...
Can a trust be challenged after the grantor has died?
Even if a deceased person made you sole heir and beneficiary of his or her trust prior to passing away, it is possible that the trust could be challenged in court. For example, if you had one sibling who was disinherited, that sibling may try to invalidate the trust...
92-year-old Viacom founder and chairman reveals his estate plans
The founder and chairman of Viacom, Sumner Redstone, has released information about the plans he has for his media holding after passes away. Ninety-two-year-old Redstone controls CBS and Viacom. Recent stories featured in the Wall Street Journal and the New York...
Trusts can completely or partially cover costs for disabilities
Those with disabilities in New York can face many challenges in life, whether the disabilities are mental or physical. Either way, they may need care and support for their entire lives. One way for people to provide this even after they pass away is by setting up a...
Important benefits of a trust
Many New Yorkers think that setting up a will is enough for their estate plans. However, these individuals might be able to benefit even more from setting up a trust. Let's discuss some of the most important benefits of using a trust in estate planning. First, trusts...