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Posts tagged "Trust Administration"

Did the new tax law make trusts obsolete?

A trust is an estate planning tool that can reduce one's estate tax obligation. As a result, some may think the increased estate tax exemption rates that went into effect with the passage of the Tax Cuts and Jobs Act (TCJA) have made the need for a trust unnecessary.

Two Smart Reasons for Creating a Supplemental Needs Trust for Loved Ones with Special Needs

A special needs trust is a legal document that can help to better ensure the care of loved ones who are unable to make decisions on their own. This legal tool, also referred to as a supplemental needs trust, offers many benefits.

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.

Caring for the elderly can cost more than raising a child, report finds

It is no surprise that the cost of caring for ourselves and our loved ones as we age is expensive. We expect there to be certain costs tied to nursing care, medical care and other needs as we age. We plan, we save and we do our best to make the right choices for our family's future financial stability.

Two retirement planning tips for families with special needs children

Planning for retirement is an important step towards financial security. Finding the right plan for your family can be an intimidating feat, especially for families with a special needs child. In addition to planning for the future financial needs of two adults who are no longer receiving an income from an employer, these families also need to take into account the needs of another individual.

Avoid these three headaches by getting an estate plan

Putting together an estate plan is likely on your to-do list. You know that list. The one that also includes other fun projects like putting together a budget, double checking the health insurance policy and cleaning out the basement. This list likely gets brushed aside on a regular basis.

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