DOES A LIVING TRUST AVOID PROBATE IN NY?
Yes, one of the biggest advantages of a living trust is that it does not have to go through probate, as does a will. However, there are other estate planning devices which avoid probate, such as a...
View ArticleWHAT IS A “POUR-OVER” WILL IN New York?
A “pour-over” will is necessary to distribute any property that was not transferred into the trust. The use of “pour-over,” together with a living trust ensures that assets not held in the name of the...
View ArticleIS THERE A LIVING TRUST MORE PRIVATE THAN A WILL IN NEW YORK?
Yes, a will becomes a matter of public record during the probate process, and a copy can be obtained upon request to the Surrogate’s Court. A living trust is a private document that is not subject to...
View ArticleCAN A LIVING TRUST BE CONTESTED IN NY?
Yes, A trust can be contested in a special proceeding. If you or a family member need assistance with living trusts call me at (716) 542-5444.
View ArticleWHAT ARE THE TRUSTEE’S DUTIES IN NY?
If someone has appointed you trustee of a trust that is a vote of confidence in you, but it is also a lot of responsibility. Below is a list of your main responsibilities: Fiduciary Duties – you are...
View ArticleWHAT ARE THE SUPPLEMENTAL NEEDS TRUSTS (SNTs) IN NEW YORK?
SNTs are legal tools used to help disabled people keep more of their income or assets without losing their public benefits. SNTs were originally invented to allow parents of children with developmental...
View ArticleIS LIFE INSURANCE TAX-FREE IN NY?
Life insurance is not entirely “tax-free.” While death benefit proceeds are income-tax-free, they are not estate-tax-free unless the beneficiary is a spouse. Life insurance can be an essential...
View ArticleWhat Happens If I Set-Up A New York Living Trust, But Don’t Title My Assets...
One of the major benefits of setting up a living trust is to avoid the New York probate process. Probate is what happens when a person dies owning property in his or her name. Upon death, a relative...
View ArticleWhat Should I Do After I Set Up A Living Trust In New York?
If you have set up a New York Living Trust, you are probably seeking to avoid probate, as well as name someone to manage your affairs in the event you become incapacitated. After you have set up your...
View ArticleWhy Do I Need To Do A Pour-Over Will If I Do A Living Trust In New York?
Why do I need to do a Pour-Over Will if I do a Living Trust in New York? Your estate planning attorney may have recommended that you do a revocable living trust as the key document in your estate plan,...
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