New York Trusts Legal Questions

From Google AI: "No, an irrevocable trust is generally not considered a public record; like most trusts, it remains private and details about the trust are not readily accessible to the public unless specific circumstances arise, such as when real estate is transferred under the trust, which may be recorded with the county clerk, but the trust itself is not a matter of public record."  Jack... Read More

No, the executor of the Will cannot keep your inheritance.  Just the opposite.  The exector of the Will has to distribute a decdedent's property in accordance with terms of the decedent's Last Will & Testament.  Here's an article I found online which you might find helpful, https://www.findlaw.com/estate/estate-administration/what-does-an-executor-do.html#:~:text=The%20executor%20is%20the%20person,taxes%20comes%20from%20the%20estate. Best regards, Jonathan R. Ratchik, Esq. Kramer, Dunleavy & Ratchik, PLLC 61 Broadway, Suite 2220 New York, NY  10006 (212) 226-6662 www.kdrpilawyers.com  ... Read More

Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. The heirs of the remainderman would inherit the property when there is a life estate. The remainderman in your situation would be your Mother. When the remainderman dies before the life estate holder (your grandmother), her interest in the property would pass to her heirs or to another remainderman if there was one. If you need any assistance, a New York Trusts & Estates Attorney could help you.... Read More

Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. A beneficiary of a trust is an interested party. An interested party can request a copy of the trust and ultimately, if necessary, petition for a compulsory accounting. What usually happens is a beneficiary would first request an informal accounting, which could be a summary of the transactions in the account from the date the trustee came into power. The summary could serve as an interim accounting and possibly provide the beneficiary with enough information to understanding what has taken place. If not, upon receipt of an informal accounting, a beneficiary could ask for more detail. If it appears there are discrepancies, the beneficiary could ask for a formal accounting (more detail) and if not received file a petition in court for a compulsory accounting. If you need any assistance, a New York Trusts & Estates Attorney could help you.... Read More

Hello. My name is Damien. I am a Trusts & Estates attorney practicing in the NYC metropolitan area. It sounds like you are referring to the Secure Act: Setting Every Community Up for Retirement Enhancement Act, commonly known as the Secure Act. The Act states in part that if someone inherits money from an IRA or 401k plan (from someone other than a spouse), the person has to withdraw the full amount within 10 years. Before, you could stretch the distributions and tax payments over the beneficiary's life expectancy. Now you would have to withdraw over a 10 year period (with some exceptions). Even if you drafted a trust that says it is over the life expectancy, that trust would only be "grandfathered" if it was already in effect. So, if someone inherited an account on December 31, 2019, or prior to that date, the terms of the trust would be grandfathered and that person could continue to take distributions over their lifetime. There are some exceptions, including the surviving spouse, a disabled or chronically ill person as the beneficiary or someone less than 10 years younger than the account owner, or if there is a minor child of the account owner (there does not seem to be an exception for grandchildren). So, a minor grandchild who could have stretched the payout period over 60-70 years, for example, would have to take the payout over a 10 year period (note that in the case of a minor, a guardian or custodian may have to be in place to accept the money on behalf of the minor). A possible alternative instead of a conduit trust could be an accumulation trust  This trust could give the trustee more discretion to make a distribution, albeit it could result in higher income taxes. If you need any assistance, a New York Trusts & Estates Attorney could help you. If you wish to speak on the phone about it, you can call Damien Bosco, P.C. at (646) 452-7082 or email me at DamienBoscoEsq@gmail.com... Read More

Generally, trusts have an Article that addresses the issue of what a trustee would do if distributing to Minors (or Incompetents): ARTICLE EIGHTH - Minors or Incompetents. For example, it may say, in part, something like this: Trustee, in the sole discretion of the Trustee and without authorization of any court, may pay or distribute the whole or any part of such income or principal to such minor or incompetent personally or may apply the whole or any part thereof directly to the health, education, maintenance or support of such minor or incompetent, or may pay or distribute the whole or any part thereof to the guardian, committee, conservator or other legal representatives. The Article can also say, in part, something like this: The Trustee, in the sole discretion of the Trustee, may defer payment or distribution of any or all income or principal to which a minor may be entitled until such minor shall attain the age of twenty-one (21) years, or to make such payment or distribution at any time and from time to time, during the minority of such minor, holding the whole or the undistributed portion thereof as a separate fund vested in such minor...With such an Article, the trustee can open a bank account for the minor or minors as a trust fund under the terms of the existing trust. Generally, the accounts would have the name of the (successor) trustee of the original trust FBO of the minor. So, the account could be named something like Jane Doe as trustee of the Jack Doe trust for the benefit of Jimmy Doe. For your situation, you may want an attorney to review the trust's terms for you to determine the best way to proceed.... Read More

If your creditors are just potential suits for liability, then insurance is good enough.  You can add coverage for very little.  The trust would limit your flexibility, and have other tax consequences.  If you had significant real creditors, like loans, etc., then a trust might be a good idea.  There are special trust types for your home, like a QPRT. ... Read More