Grimaldi & Yeung

Estate Planning Different for Business Owners and Top-Level Executives

“Having an estate plan can ensure that fiduciaries are identified to oversee and distribute your assets in the way you would have wanted. As a business owner, your ownership assets in your estate may require a more sophisticated level of planning.”

Do you need an estate plan? If you have children, ownership shares in a business, or even in more than one business, a desire to protect your family and business if you became disabled, or charitable giving goals, then you need an estate plan. The recent article “Estate planning for business owners and executives” from The Wealth Advisor explains why business owners, parents and executives need estate plans. Our firm specializes in succession planning and we have experience making business transitions more common.

An estate plan is more than a way to distribute wealth. It can also:

·         Establish a Power of Attorney, if you can’t make decisions due to an illness or injury.

·         Identify a guardianship plan for minor children, naming a caregiver of your choice.

·         Ensure that assets are controlled through beneficiary designations rather than simply through a will and pass privately when owned through trusts. This includes retirement plans, life insurance, annuities and some jointly owned property.

·         Create trusts for beneficiaries who are younger, disabled, or others you feel need some kind of protection.

·         Identify professional management for assets in those trusts.

·         Minimize taxes and maximize privacy through the use of planning techniques.

·         Create a structure for your philanthropic goals.

An estate plan ensures that fiduciaries are identified to oversee and distribute assets as you want. Business owners, in particular, need estate plans to manage ownership assets, which requires more sophisticated planning. Ideally, you have a management and ownership succession plan for your business, and both should be well-documented and integrated with your overall estate plan.

Some business owners choose to separate their Power of Attorney documents, so one person or more who know their business well, as well as the POA holder or co-POA, are able to make decisions about the business, while family members are appointed POA for non-business decisions.

Depending on how your business is structured, the post-death transfer of the business may need to be a part of your estate plan. A current buy-sell agreement may be needed, especially if there are more than two owners of the business.

An estate plan, like a succession plan, is not a set-it-and-forget it document. Regular reviews will ensure that any changes are documented, from the size of your overall estate to the people you choose to make key decisions. Contact our firm today to schedule an appointment.

Reference: The Wealth Advisor (July 28, 2020) “Estate planning for business owners and executives”

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.
Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Grimaldi & Yeung LLP will participate in this year’s Virtual CaringKind Alzheimer’s Walk!

Grimaldi & Yeung LLP will participate in this year’s Virtual CaringKind Alzheimer’s Walk on Sunday, October 11, 2020 to support Care, Research and Advocacy!

On December 1, 2015, the New York City Chapter of the Alzheimer's Association separated from the National Alzheimer's Association, to return to their roots as a stand-alone, independent charity. The nation's leading experts in Alzheimer's care, education and support can still be found at 360 Lexington Avenue under the new name, CaringKind, The Heart of Alzheimer's Caregiving.

The 2020 CaringKind Alzheimer's Walk is virtual this year! Because of COVID-19, we can't all meet in one place, but we can still walk at the same time in support of Alzheimer's and dementia caregiving! You can join online for the opening ceremony, and then walk - in real life - in your own neighborhoods. That way, your community will know that you walk in support of Alzheimer's and dementia caregiving, and can keep all Walkers safe and healthy.

Caringkind will have a whole afternoon of livestreams. In order to participate in the online programs, you’ll need a computer, tablet, or smart phone with an Internet connection – to view events, you can visit: https://caringkindnyc.org/events/.

If you are interested in donating to this cause, kindly visit Grimaldi & Yeung’s team page. Please type in your browser: https://give.caringkindnyc.org/team/308193  We thank you for your support! 

A Non-Medical Check Up – For Your Estate Plan

“For example, did you name someone as an heir who is no longer in favor with you or—worse yet—has died? Who should get what they would have gotten? Are there now new people in your life—be they family members or not—whom you might wish to share in what you may have?”

An estate plan isn’t just for you—it’s for those you love. It should include a will and possibly, trusts, a power of attorney for financial affairs and a health care directive. As many as 60% of all Americans don’t have a will. However, the COVID-19 crisis has highlighted for everyone the need to have those documents. For those who have an estate plan, the need for a tune-up has become very clear.
With any significant change in your life, a review of your estate plan is in order. Keep in mind that none of your estate planning documents are written in stone. They should be changed when your life does. COVID-19 has also changed many of our lives. Let’s take a look at how.
Has anyone you named as a beneficiary died, or become estranged from you? Will everyone who is a beneficiary in your current estate plan still receive what you had wanted them to receive? Are there new people in your life, family members or otherwise, with whom you want to share your legacy?
The same applies to the person you selected as your executor. As you have aged over the years, so have they. Are they still alive? Are they still geographically available to serve as an executor? Do they still want to take on the responsibilities that come with this role? Family members or trusted friends move, marry, or make other changes in their lives that could cause you to change your mind about their role.
Over time, you may want to change your wishes for your children, or other beneficiaries. Maybe ten years ago you wanted to give everyone an equal share of an inheritance, but perhaps circumstances have changed. Maybe one child has had career success and is a high-income earner, while another child is working for a non-profit and barely getting by. Do you want to give them the same share?
Here’s another thought—if your children have become young adults (in the wink of an eye!), do you want them to receive a large inheritance when they are young adults, or would you want to have some control over when they inherit? Some people stagger inheritances through the use of trusts, and let their children receive significant funds, when they reach certain ages, accomplishments or milestones.
Have you or your children been divorced, since your estate plan was last reviewed? In that case, you really need to get that appointment with an estate planning attorney! Do you want your prior spouse to have the same inheritance you did when you were happily married? If your children are married to people you aren’t sure about, or if they are divorced, do you want to use estate planning to protect their inheritance? That is another function of estate planning.
Taking out your estate plan and reviewing it is always a good idea. There may be no need for any changes—or you may need to do a major overhaul. Either way, it is better to know what needs to be done and take care of it, especially during a times like the one we are experiencing right now. Our Estate Planning Attorneys can help you with this review of your existing plan or help you develop a new one. COVID has shown us the importance of these documents. It’s time for you and your family to get your estate plan in order- call today.

Reference: Pittsburgh Post-Gazette (July 27, 2020) “Time for a non-medical checkup? Review your will”

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.
Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Combining Households during Coronavirus

“If family members are anxious about each other, sometimes it seems it might be easier if they simply joined households. This is not just due to COVID-19.”

Not that long ago, multigenerational living was how most people lived.  Since people are living longer, it may become the norm again. In times of crisis like these, says the article “Moving ahead during coronavirus,” from The Mercury, many parents and adult children are combining family units to care for each other.

Parents might move in with their son or daughter’s family. The adult children and their spouse and children may also come to live with Mom and Dad. It is not just about parents and children, since siblings also decide it’s better for everyone to live closer.

If family members are considering combining households, they need to create a plan for important issues. Who will pay for what, what is the back up if the arrangement does not work and what boundaries will be set, so that the children and their parents have a sense of privacy?

Conversations about how this arrangement relates to the parent’s overall estate plan also need to take place. Will parents fund the entire household, if one or more adult children are not working? Will there be expectations of eventual re-payment? How does the household pay its bills and who will be responsible for what chores?

An important question to address, is the issue of a parent’s gifting assets to the adult child. If the long-term plan is for the parent to apply for Medicaid, it will be important to plan any asset transfers to avoid having the parent become ineligible for long-term care coverage.

It’s easy for this kind of joint living arrangement to be derailed by misunderstandings and expectations that are not discussed. Writing out a document with the help of our firm can make the discussion more concrete and ensure that the agreement will complement and not conflict with the estate plan. Every situation is different, and what works for one family may not work for another. Having our attorneys advise you can reduce the emotional aspect and clear the way for a happy arrangement that works for everyone. Make your virtual appointment today to discuss these options.

Reference: The Mercury (July 28, 2020) “Moving ahead during coronavirus”

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.
Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

BAY RIDGE CENTER & BAY RIDGE CONNECTS: Announcements & Programs 9/10/2020 - 9/11/2020

THURSDAY, SEPTEMBER 10

TECH: GET SMART WITH YOUR SMARTPHONE
with David Dring
11:00 am - 12:00 pm
Link to Zoom at the time of your class: https://zoom.us/my/forthamilton
To call in with your telephone: 646-558-8656, Meeting ID: 323 408 8507

Feel more confident in using your smartphone. Join tech expert David Dring as he answers your questions and presents an informative, well-paced, no-jargon training on the apps most likely to improve the quality of your life.

THE HOW-TOs OF TECHNOLOGY
with David Dring
1:00 pm - 2:00 pm
Link to Zoom at the time of your class: https://zoom.us/my/forthamilton
To call in with your telephone: 646-558-8656, Meeting ID: 323 408 8507

Get Smart with Practical Technology Seminars presented by tech expert David Dring. These 60-minute programs provide an in-depth and skill-based training on how technology can improve the quality of your life.

TRIVIA!
with Charley Eichler
2:00 pm - 3:00 pm
Link to Zoom at the time of your class: https://zoom.us/my/owlshead
Or by telephone, dial 646-558-8656, Meeting ID: 449 630 8335 Thanks to Bay Ridge Center's long time member Charley Eichler for suggesting and offering to lead Trivia. Answer questions, get a good laugh, and work your brain!  Don't miss the fun!

BOOKS ON THE RIDGE
with Gail Karpf
2:00 pm - 3:00 pm
At the time of your class,  https://zoom.us/j/7183335782
To call in with your telephone: 646-558-8656, Meeting ID: 7183335782

Books on the Ridge book club meets monthly on a Thursday and is facilitated by Gail Karpf, a retired English teacher and voracious reader.
September book: The Guest List, by Lucy Foley, which evokes the classic tales of Agatha Christie.

NEW!! WHAT'S DRIVING YOU CRAZY?
with Marianne Nicolosi and Todd Fliedner
4:00 pm - 5:00 pm
Join by computer or device: https://zoom.us/j/7187480650 + Password = Finance
Or by telephone: 1 646 558 8656 Meeting ID: 718 748 0650
Password = Finance

Join Marianne Nicolosi and Todd Fliedner for this new discussion group with a new topics each week perfect for life in the time of Covid.
This week's topic: Brain Fog

FRIDAY, SEPTEMBER 11

CONNECT THROUGH CREATIVITY

with Kristal Greenlea
10:00 am - 10:30 am
Link to Zoom at the time of your class: https://zoom.us/j/3471234321

Or, join by phone: 646-558-8656, Meeting ID: 3471234321
Join us to chat about life's big topics and create a poem that captures our thoughts on the matter.

SEATED STRETCH & UPPER BODY TONING
with Mary Ann Coughlin
12:00 pm - 12:30 pm
Link to Zoom at the time of your class: https://zoom.us/j/3471234321

Or, join by phone: 646-558-8656, Meeting ID: 3471234321

Join exercise instructor Mary Ann Coughlin as she starts with a seated Tai Chi warm up and progresses to upper body strengthening exercises using light weights.

Stay on the same Zoom link if you wish to take the next class.

SEATED STRENGTHENING AND TONING
with Mary Ann Coughlin
12:30 pm - 1:00 pm
Link to Zoom at the time of your class: https://zoom.us/j/3471234321

Or, join by phone: 646-558-8656, Meeting ID: 3471234321

Let’s work our arms, our core and our legs in this seated strengthening class. Have weights or water bottles available to increase your strength.

KNITTING, CROCHET, AND FIBER ARTS
1:30 pm - 3:30 pm
Link to Zoom at the time of your class: https://zoom.us/j/3471234321

Or, join by phone: 646-558-8656, Meeting ID: 3471234321

Meet up with others interested in fiber crafts! Work on your project at home - but not alone! Join us every Friday for a relaxing afternoon of knitting, crochet and other fiber arts. Beginners & experienced crafters are welcome.

CHAIR YOGA
with Lorraine Perricone - Dazzo
2:00 pm - 2:30 pm
Link to Zoom at the time of your class: https://zoom.us/j/7183335782
Or, join by phone: 646-558-8656, Meeting ID: 7183335782

We will explore breath and movement during this gentle chair yoga class. This class is a chance to cultivate calm in the mind and ease in the body - and connect and play with our Bay Ridge Center community online! Come prepared with a folding chair (or other firm seated chair) placed on a nonslip surface like a yoga mat. We will build a lovely space in our hearts, minds, and homes for the multifaceted practice of yoga. 

In this class we will work on breathing exercises plus yoga poses to get the body moving and feeling good.

YOGA MEDITATION
with Lorraine Perricone - Dazzo
2:30 pm - 3:00 pm
Link to Zoom at the time of your class: https://zoom.us/j/7183335782
Or, join by phone: 646-558-8656, Meeting ID: 7183335782

We will explore movement and meditation during this gentle yoga and meditation class. Come prepared with a folding chair (or other firm seated chair) placed on a nonslip surface like a yoga mat. We will build a lovely space in our hearts, minds, and homes for the multifaceted practice of yoga.

This is a chance to explore how yoga is a practice in meditation. During these 30 minutes we will practice seated yoga poses and end with a guided deep relaxation.

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.
Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Grimaldi & Yeung LLP will participate in this year’s Virtual CaringKind Alzheimer’s Walk!

 

Grimaldi & Yeung LLP will participate in this year’s Virtual CaringKind Alzheimer’s Walk on Sunday, October 11, 2020 to support Care, Research and Advocacy!

On December 1, 2015, the New York City Chapter of the Alzheimer's Association separated from the National Alzheimer's Association, to return to their roots as a stand-alone, independent charity. The nation's leading experts in Alzheimer's care, education and support can still be found at 360 Lexington Avenue under the new name, CaringKind, The Heart of Alzheimer's Caregiving.

The 2020 CaringKind Alzheimer's Walk is virtual this year! Because of COVID-19, we can't all meet in one place, but we can still walk at the same time in support of Alzheimer's and dementia caregiving! You can join online for the opening ceremony, and then walk - in real life - in your own neighborhoods. That way, your community will know that you walk in support of Alzheimer's and dementia caregiving, and can keep all Walkers safe and healthy.

Caringkind will have a whole afternoon of livestreams. In order to participate in the online programs, you’ll need a computer, tablet, or smart phone with an Internet connection – to view events, you can visit: https://caringkindnyc.org/events/.

If you are interested in donating to this cause, kindly visit Grimaldi & Yeung’s team page. Please type in your browser: https://give.caringkindnyc.org/team/308193  We thank you for your support!                       

Reminder – Less than 30 Days to Go Until October 1st Changes to Medicaid Home Care Eligibility!

 

 

 

 

 

 

 

 

In less than 30 days, recent changes to the New York State budget may significantly impact your estate planning!

See our previous announcement below for more information:

New York State has passed the 2020 State budget Bill which includes changes to the Medicaid program covering home and community-based services:

• Starting October 1, 2020, all new applications for Medicaid community-based (home care) benefits will be subject to a 30-month (two-and-half-year) lookback period when analyzing an applicant's resources and income.
• If transfers are found within 30-months (two-and-half-years) prior to the date of submission, a transfer penalty or waiting period will be applied before services can be granted.

The effective date is October 1, 2020; all Medicaid home care applications filed after October 1 will have to provide 30-months of financial statements for all resources.

 

Please note that the lookback period for Medicaid nursing home benefits remains unchanged at a full 60 months (5 years).

 

Grimaldi & Yeung LLP will continue to bring you important news and about elder law, Medicaid, and estate and tax law to ensure you have the latest updates which may impact you and your family, especially in these unsettled times when health care is of vital importance.

 

Please call our office anytime for assistance in the Medicaid Planning process at (718) 238-6960 or info@gylawny.com, and we will be happy to schedule an appointment with one of our attorneys.  

 

 

What Is a Qualified Personal Residence Trust (QPRT)?

“When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes to be paid by your heirs.”

A Qualified Personal Residence Trust takes your personal residence out of your estate, which can provide some estate tax advantage. The QPRT is a type of irrevocable trust, so once it is created, it is permanent and cannot be reversed. The QPRT is also a type of grantor trust, meaning that the trust creator or grantor may take advantage of gift tax exemptions for property placed in the trust, explains the article “Qualified Personal Residence Trust (QPRT)” from yahoo! finance.com.

As a grantor, you can live in the home for a determined period of time, as you retain interest in the property during the trust term of years. Once the QPRT term ends, ownership of the property gets transferred to the beneficiaries of the trust, whom you will select.

When you establish a QPRT, you take your personal residence, a primary or secondary home, out of your estate and place it in the trust. While the trust is in place, you and your family may live in the home, and you continue to be responsible for maintaining the property’s upkeep and property taxes.

Any appreciation that occurs after the transfer takes place is also removed from your estate. Because you retain an interest in the residence, you can reduce the amount of property’s value that is subject to estate and gift taxes from your estate.

However, there is one rule you need to understand and consider before setting up the QPRT—you must outlive the term of year of the trust. If you don’t, the entire value of the residence may be included in your estate, which destroys the key reason for setting up the trust.

A QPRT can be a  complex tool but its advantage is that it can create financial legacy for your beneficiaries, while limiting your estate taxes after your death as your estate will be shared and if you are paying rent to trust beneficiaries, creates another path to minimize estate taxes.

On the other hand, a QPRT is irrevocable. Therefore, if your circumstances change, it may not be useful for you but you won’t be able to undo it. If you die before the end of the term, any benefits for gift or estate taxes are lost. If there is a mortgage on the property, mortgage payments might be counted against gift tax exemptions.

Attempting to refinance a home that’s owned by a QPRT is difficult, and in many circumstances, not even possible. You don’t own the home, the trust does. Therefore, the property cannot be used as collateral. Selling a home that is owned by a QPRT is also far more complicated than selling the property if you owned it outright.

Our firm can help you analyze your estate and tax situation to determine if a QPRT is a useful tool for you and your family.

Reference: yahoo! finance.com (July 29, 2020) “Qualified Personal Residence Trust (QPRT)”

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.

Please call our office anytime for assistance with your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Make the Most of Your Social Security Benefits

“The more you know about Social Security, the more you'll likely be able to get out of the program.”
Famous motivational speaker Zig Zigler reportedly said “If you want to earn more, learn more.” That’s true for careers and investments. It is also true for Social Security. The more you know how Social Security works, the more likely you’ll be able to maximize your benefits, says the article “Social Security tips: 10 ways to get more money in benefits” from USA Today. We recommend you consider this checklist today.

1—Check your Social Security work record for errors. Create an account for yourself at the “My Social Security” page on the Social Security Administration’s website. You’ll be able to see your entire income history. Check it against your tax returns to be sure that the numbers are right. If you see mistakes, call the SSA and have them fixed now.

2—Work for at least 35 years. The SSA uses a formula to calculate benefits based on 35 years of earnings (adjusted for inflation). If you’re thinking about working for 28 years, your benefits are going to be lower. If you can keep working to reach the 35-year mark, you’ll increase your benefits.

3—Boost your earnings. Bigger paychecks equal bigger benefits. If it’s too late for a career change, adding a part-time job could boost your lifetime income. You could also just work a few more years—it makes a difference. The annual statement from SSA on the website will show you just how much.

4—Wait until age 70 to start collecting. For every year after your full retirement age, your benefits grow by about 8%. If you are able to tap other sources of income before you turn 70, you can maximize this benefit.

5—You can also start collecting benefits at age 62. Your checks will be smaller, but if you have had a job loss and need the money, you are now eligible to take them. There will be many more checks now, than if you waited until age 70. If your health is poor, or your family history does not include longevity, there’s no benefit in waiting.

6—Understand how spousal benefits work. For non-working spouses, Social Security allows a spouse to collect a benefit based on their spouse’s earnings record – up to one half (50%) of the spouse’s benefits.

7—Can you delay a divorce? You might be able to collect benefits based on your former spouse’s earnings record, if you meet the requirements. You need to have been married for at least ten years. If it’s been nine years, and if your not-soon-enough ex has significantly higher earnings than you, consider delaying until the ten year mark. Not everyone can do this, but if you can, it could make a big difference.

8—Keep your income lower, while collecting Social Security. If you plan on working while collecting benefits, understand that some of your benefit dollars will be withheld. For someone who is younger than their Full Retirement Age in 2020, for every $2 earned over $18,240, $1 dollar will be deducted. If you reach Full Retirement Age in 2020, the SSA will deduct $1 for every $3 you earn above $48,500, until the month you do reach full retirement age. Be mindful of the “cost” of your working on your benefits.

9—Find out if you qualify for survivor or disability benefits. There are Social Security benefits for spouses, ex-spouses, the disabled and survivors. Other programs with benefits include Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). If your spouse dies after working long enough to qualify for Social Security, the surviving spouse and children under age 17 may also be able to collect survivor benefits.

10—Think strategically about Social Security. If your spouse has a stronger earnings history than you, they might delay collecting benefits to age 70 to maximize the size of their benefit checks. If they die before you, as a surviving spouse you may collect either their benefit amount or your own—whichever is larger.

Reference: USA Today (July 28, 2020) “Social Security tips: 10 ways to get more money in benefits”

 

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.

Please call our office anytime for assistance with your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Different Trusts for Different Estate Planning Purposes

“Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.”

There are a few things all trusts have in common, explains the article “All trusts are not alike,” from the Times Herald-Record. They all have a “grantor,” the person who creates the trust, a “trustee,” the person who is in charge of the trust, and “beneficiaries,” the people who receive trust income or assets. After that, they are all different. Here’s an overview of the different types of trusts and how they are used in estate planning.

“Revocable Living Trust” is a trust created while the grantor is still alive, when assets are transferred into the trust. The trustee transfers assets to beneficiaries, when the grantor dies. The trustee does not have to be appointed by the court, so there’s no need for the assets in the trust to go through probate. Living trusts are used to save time and money, when settling estates and to avoid will contests.

A “Medicaid Asset Protection Trust” (MAPT) is an irrevocable trust created during the lifetime of the grantor. It is used to shield assets from the grantor’s nursing home costs but is only effective five years after assets have been placed in the trust. The assets are also shielded from home care costs after assets are in the trust for two and a half years. Assets in the MAPT trust do not go through probate.

The Supplemental or Special Needs Trust (SNT) is used to hold assets for a disabled person who receives means-tested government benefits, like Supplemental Security Income and Medicaid. The trustee is permitted to use the trust assets to benefit the individual but may not give trust assets directly to the individual. The SNT lets the beneficiary have access to assets, without jeopardizing their government benefits.

An “Inheritance Trust” is created by the grantor for a beneficiary and leaves the inheritance in trust for the beneficiary on the death of the trust’s creator. Assets do not go directly to the beneficiary. If the beneficiary dies, the remaining assets in the trust go to the beneficiary’s children, and not to the spouse. This is a means of keeping assets in the bloodline and protected from the beneficiary’s divorces, creditors and lawsuits.

An “Irrevocable Life Insurance Trust” (ILIT) owns life insurance to pay for the grantor’s estate taxes and keeps the value of the life insurance policy out of the grantor’s estate, minimizing estate taxes. As of this writing, the federal estate tax exemption is $11.58 million per person.

A “Pet Trust” holds assets to be used to care for the grantor’s surviving pets. There is a trustee who is charge of the assets, and usually a caretaker is tasked to care for the pets. There are instances where the same person serves as the trustee and the caretaker. When the pets die, remaining trust assets go to named contingent beneficiaries.

A “Testamentary Trust” is created by a will, and assets held in a Testamentary Trust do not avoid probate and do not help to minimize estate taxes.

Our attorneys can advise and assist in the Trust that is right for your needs.

 

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.

 

Please call our office anytime for assistance with your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Reference: Times Herald-Record (August 1,2020) “All trusts are not alike”