Can I Protect My Assets with a Trust in New York?

A common misconception of a trust is that they are only for the wealthy, but in reality, if you own assets at any level should consider having a trust established. Establishing a trust can protect your assets from creditors, lawsuits, and ensure that your assets are distributed in the manner you decide upon death. Protection from Creditors In some cases, it may be best to establish a trust for keeping your assets away from those whom you owe money to. This type of trust is what is called an irrevocable trust; an irrevocable trust has the following provisions: It locks in assets. The term “irrevocable” literally means the trust cannot be edited, changed, or removed from A trustee must control the trust, someone other than you The trust is required to file an individual tax return Establishing an irrevocable trust creates a separate legal entity that has control over [...]

By |2019-10-24T08:56:48-05:00January 15th, 2018|

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|

What Happens If My Car Insurance Does Not Cover All the Damages in an Auto Accident?

It's a simple law: if you own or lease a personal car or truck, you're required to have auto insurance. If it's your personal vehicle, you need personal auto insurance. If it's a company vehicle, you need commercial auto insurance. In New York state, you're required to have certain minimum levels of auto insurance, such as $50,000 for liability insurance and $10,000 for property damage, although many people have $25,000 or $50,000. If you lease a car, the bank will often require you to have as much as $350,000 for liability and $500,000 for property damage. Why do I even mention this? Because if you're at fault in a car accident, and your insurance does not cover all the damages, you risk losing all your personal assets. Some time ago, I had a client who owned a dry cleaning business and had done fairly well for himself. He had [...]

By |2019-09-03T23:47:44-05:00June 2nd, 2017|

4 Common Medicaid Planning Mistakes to Avoid

Medicaid planning is a vital part of any good estate plan. Most of us will eventually require nursing home care in our old age, and such care is expensive— the average yearly cost for a semi-private room is over $80,000—which can deplete your savings fast. Most private healthcare policies will not cover long-term care costs unless you paid for an applicable rider, and Medicare does not cover such expenses except in the wake of a hospital stay, and even then the maximum coverage period is 100 days. Fortunately, Medicaid will pay for the long-term care costs of those who qualify. To meet the eligibility criteria for Medicaid, however, your income and assets must be below a certain threshold. It may be possible that your resources, which you spent a lifetime saving, will cause you to exceed the asset limit and result in you being denied for benefits until most [...]

By |2019-09-04T05:31:35-05:00May 10th, 2017|

New York Litigation: Understanding the Concept of Discovery

One of the most misunderstood aspects of litigation is the concept of discovery. The rules of discovery are complex and varied, causing both legal professionals and scholars alike to differ on their application. If you are party to litigation in New York, a brief overview of the discovery process can help you understand the role of discovery and how the right lawyer can make discovery work for you.    Understanding discovery Discovery refers to the process either by civil or criminal courts of gathering evidence from the opposing side in preparation for a trial. Regardless of whether the process is in criminal or civil court, the discovery phase occurs before trial. The process of discovery stems from the founding principle that someone accused of wrongdoing has the right to face their accuser and hear the evidence against them. The concept of discovery is fairly straightforward: in order for all [...]

By |2019-10-26T07:07:34-05:00March 23rd, 2017|

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