Being appointed as a trustee is an honor, but it also comes with significant responsibilities that may catch those unfamiliar with the process off-guard. The process often seems complex at first, especially because trustees have a fiduciary duty to manage and protect the assets of a trust while balancing the expectations of the beneficiaries. However, with the right guidance and preparation, even first-time trustees Read More
Top Estate Planning Mistakes to Avoid in Queens
Estate planning is a crucial process that everyone should undertake to ensure that their assets are protected. However, estate planning mistakes are unfortunately not all that rare and can have serious consequences. In this article, we will discuss some of the most common estate planning mistakes to avoid in Queens. Read More
How to Deal with Embezzlement in the Family Trust
Embezzlement in trust occurs when an individual steals from the family trust. Unfortunately, this problem is more common than you might think. Such embezzlement is considered to be a crime and is punishable by law. It involves the misappropriation of funds belonging to the trustee or beneficiary. Read More
Can You Contest a Trust Remotely?
When an individual who has carried out estate planning in Queens, Brooklyn, and New York passes away, they leave behind a will and inheritance for their loved ones. Their loved ones, also known as beneficiaries, can claim their inheritance. Read More
Can You Benefit from a Special Needs Trust?
A special needs trust is a type of legal agreement you can make to provide additional financial support to a loved one with a disability or a chronic illness without jeopardizing the benefits they receive from public assistance programs, such as Social Security and Medicaid. It is designed to maximize the resources available to the disabled to improve their quality of life. Read More
The Process Of Removing A Successor Trustee
If you’re a beneficiary of a family trust or a creator or co-trustee and you think a trustee isn’t acting properly, then you can remove them. Read More
Can a Trustee Transfer Property to Themselves?
When you establish a trust, you can place assets into it for a designated beneficiary and name a trustee to manage that property. Once property is transferred to a trust, the trust itself becomes the rightful owner. If the trust is irrevocable, you can no longer control or claim the assets. This arrangement can facilitate the transfer of assets after your death, reduce tax liability and, in some cases, protect that Read More
Why You Should Consider a Trust for Your Estate Plan
There’s a certain stigma attached to trusts, which seems to be that only the rich and powerful can utilize one - but this couldn’t be further from the truth. Even those with a modest amount of savings can gain set up their own trust, and there are many different ways for your average joe to utilize them. Trusts Provide More Control Over Your Assets By and far the most common reason for creating a trust, they Read More
When are living trusts a bad idea?
Many people are recommended to start living trusts when they begin planning their estate. Living trusts can be beneficial for many people who are looking to avoid losing high portions of their estate in the probate process and create a legacy for their loved ones. There are many benefits that come with starting a living trust, but before starting one, it is important to understand more about the wide variety of Read More
Advantages of a revocable living trust
Individuals in New York who are planning for the distribution of their property after they die may have heard of a revocable trust but be unfamiliar with what is involved in such a document. Another name for a revocable trust is a living trust, and as its name implies, it is created and takes effect while the grantor is still alive. The terms of an irrevocable living trust cannot be changed while those of a revocable Read More
