Trusts in New York

New York Trusts There are a broad range of trusts which may be established to help ensure your assets are distributed in accordance with your wishes. In addition, a trust, unlike a will, allows you to keep information private; while a will goes through the probate process, making it public knowledge, a trust is administered by a successor trustee whom you designate. There are basic clauses that provide guidance as to whether a trust agreement may be modified after its creation; a revocable trust may be changed at any time by the maker (usually the trustee), while an irrevocable trust may not be changed by the maker after it has been created. Anyone considering a trust should discuss both types with their estate planning attorney to determine which makes most sense for your individual circumstances. Types of New York Trusts There is no one trust that will serve the [...]

By |2019-09-03T23:42:34-05:00August 30th, 2017|

Different Types of Trusts

Trusts are a valuable estate planning tool; they may also be used to protect one's assets from creditors which can be very helpful for business owners. One of the many benefits of establishing a trust is the avoidance of probate. Unlike a will, which becomes public after the death of the maker, a trust remains confidential, and if properly used, all the maker's property is within a trust. Common Types of Trusts Trusts can fall into a variety of categories in order to serve different goals, such as revocable & irrevocable trusts. Here is a list of different types of trusts that are most common. Living or inter-vivos trust - the maker of the trust, usually the same as the initial trustee, may transfer all their personal property into a living trust. During their lifetime, they use the assets just as they would use them outside the trust. Upon [...]

By |2019-09-03T23:43:10-05:00August 24th, 2017|

Child Support Calculator NY

New York has adopted the Child Support Standards Act (“CSSA”) for the purposes of calculating child support payments. New York statutes explain to parents that each of them has a responsibility for the primary needs of the child including food, shelter, and clothing. This is known as basic support and is the obligation of both parent. The calculations can be confusing. Determining basic child support To determine child support obligations the courts will use the income of both parents up to $143,000 for 2017. This amount is scheduled to increase on an annual basis. The parent's income, including from wages, social security income, fringe benefits, and more are considered as part of the income. Certain deductions, such as supplemental security income, FICA taxes, and support payments made to children from prior marriages, or relationships may also be deducted. It is imperative, if you are uncertain about the amount you [...]

By |2019-09-03T23:45:14-05:00August 17th, 2017|

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