October 30, 2019 – 3:17 pm
The Facts: My grandson Frank is disabled and will likely need medical and financial assistance as an adult. I would like to name Frank and my other grandchildren as beneficiaries in my Will but, I am concerned that doing so may make Frank ineligible for government assistance programs. Question: How can I leave Frank money […]
The Facts: Many of my friends have told me that I should transfer my house to my son and retain a life estate. The Questions: What are the pros and cons of doing that? The Answer: People often transfer their property to their children and create life estates because they believe it is the best […]
September 22, 2017 – 12:00 pm
THE FACTS: I had my will prepared years ago. The estate tax exclusion amount at the time was considerably less than it is now, so my will contains a provision that directs my executor to create a credit shelter trust to avoid estate taxes. The trust provision mandates that the credit shelter trust be funded […]
The Facts: After my mother died, my father transferred his assets into a trust to avoid probate. He frequently told me how pleased he was that everything would pass to me and my sister without having to go to the surrogate’s court. After my father died last month, I discovered that he had a bank […]
October 2, 2014 – 6:48 am
The Facts: I have two dogs that I consider part of my family. I want to be sure they are cared for after I die. Someone suggested that I include a Pet Trust in my Will The Question: Do you think this is a good approach? The Answer: Yes, I do. However, in addition to […]
April 17, 2014 – 11:04 am
The Facts: I heard that the New York’s estate tax laws changed and that the value of an estate that can pass estate tax-free was increased. The Question: Is that true? If so, what is the current NYS estate tax exemption? The Answer: Fortunately for New Yorkers, the tax laws have changed and the tax […]
The Facts: My father is planning on putting his house into an irrevocable trust and naming me as trustee. He will be naming my sister and me as beneficiaries of the trust. The Questions: Can my father sell his house once it is in the trust? If my father goes into a nursing home, can […]
The Facts: My elderly father is putting his house into an irrevocable trust and naming me and my brother as beneficiaries of the trust. The Questions: If my father decides to move out of his house, will we be able to sell the house while my father is still alive? Would it be better if my father […]
The Question: What, if anything, can be done if someone created a trust but failed to transfer any assets into the trust? My father intended to transfer his house and the funds in his brokerage account into his revocable trust to avoid probate and a possible Will contest by my brother. Unfortunately, my father never signed […]
