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 disabilities to provide for them after they grow up without making them ineligible for public benefits (like SSI and Medicaid). Ordinarily, if a…
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 held to a very high standard in a fiduciary role in relation to the beneficiaries or remainder…
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.
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 public scrutiny. However, a “pour-over” will becomes a matter of public record when it is submitted for probate,…
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 trust will be distributed in accordance with the wishes of the deceased, and not by the laws of intestacy. A…
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 joint tenancy, life insurance, in-trust-for bank account (also known as a Totten Trust), and individual retirement, pension or…
The gift has to be made to a qualified tax-exempt charitable organization and the charitable deduction has to be itemized. If your total itemized deductions are less than your standard deduction, your taxes won’t be reduced. If you or a family member need assistance with estate gift tax call me at (716) 542-5444.
You must put the terms in writing, include a repayment schedule and charge a fair market interest rate. If you forgive the loan at any point, then it is considered a gift. If you or a family member need assistance with estate gift tax call me at (716) 542-5444.
There is not a limit on gifts you can give to charity or your spouse without owing tax subject to several exceptions. The $13,000 a year is per person ($26,000 if you are married). You can give $13,000 to as many people as you wish each year tax-free. Even if you exceed your annual exclusion…