New Yorkers are our own breed: Our pets are our 'fur babies'. They come in all sorts of shapes and sizes and are, unequivocally, an integral part of the family. Perhaps a tough thought, but what happens to them should you pass away?
Trusts for pets may sometimes face tax liability
Many of us are animal lovers and non-human companions come in a lot of shapes and sizes. As we have noted in another section of our site, millions of New Yorkers have pets they love as much as (or perhaps more than) family. Understandably, it's not unusual for pets to be named as beneficiaries of estate plans, but unless it's done correctly, legal issues can arise.
To understand trusts, beneficiaries benefit from some key facts
Planning is a good thing. Not everyone likes it, but in the face of the inevitable and to ensure that assets representing one's legacy continue to serve the well-being of intended beneficiaries, few can dispute the value of the proposition.
What can a supplemental needs trust pay for?
Ensuring the well-being of loved ones incapable of caring for themselves is one of the greatest challenges any New York City family can face. If the onset of the incapacity is the result of some unexpected catastrophe, such as a near-fatal accident, concern about how to meet care costs can infringe on the delivery of that care.
Does your estate planning require a trust protector?
Trusts come in a wide range of styles. There are revocable trusts, irrevocable trusts, even incentive trusts, which we wrote about in a post some time ago. This is not a complete list of trust tools available under New York estate planning law. The one that might be most appropriate for your needs can be determined by consulting with counsel committed to understanding what you want to accomplish.
Taking legal action to remove a trustee
When most people think about estate planning, the document known as a last will and testament likely comes to mind. While a will can be used to convey one's wishes with regard to the ownership of personal belongings and the disbursement of assets, a trust is typically a better option for people who wish to avoid probate, leave property to young children and protect assets from creditors.
Is an incentive trust right for you and your family?
Every parent wants their child to succeed and do well in life. To help steer a child towards or keep a child on what a parent considers to be the right path, a parent may offer an incentive to help a child out financially. For example a parent may agree to pay a college-bound son or daughter a monthly stipend provided that he or she maintains a certain GPA. These types of incentive or conditional arrangements are fairly common between parents and children. What happens, however, if a parent dies and is no longer able to provide the nudge in the right direction that a child may need to achieve his or her goals.
Remarriage and the benefits of a QTIP trust
Gone are the days when a couple married during their early 20s, welcomed and raised children together and lived out the rest of their lives together. Today, with the U.S. divorce rate hovering around 50 percent, familial structures within the U.S. are more complex than ever. Adding to the confusion are the estimated 42 million U.S. adults who report being married two or more times.
How can pet owners provide for a pet's future care?
According to the New York City Economic Development Corporation, the city is home to an estimated 600,000 dogs and 500,000 cats. For many pet owners, a dog or cat is revered as not only a beloved companion, but also another member of the family. It makes sense therefore that, much like an individual may plan for the future of any loved one, a pet owner may choose to take steps to provide for a pet's future care and veterinary needs in the event he or she becomes incapacitated or dies.
If you are thinking about replacing your executor
If you have already appointed an executor, you have obviously taken steps to ensure that your financial and legal matters will be in order after you have passed away. Congratulations to you for being so proactive. Please however, keep in mind that estate planning is meant to be a “living” process. Meaning, your estate plan is meant to be revised as often as it needs to be during the course of your life.
