Planning for your kids, your health and your finances is important. Its one of the most important things you can do while you have the capacity to do it. However often, an elderly parent or an aunt is taken advantage of, because they are losing their mental capacity.
Reena Gulati Blog
There certainly are advantages to a living trust. However whether it is a right decision to incorporate a living trust in your estate plan is a case by case analysis. Just like everything else it’s not one size fits all. Clients often come in wanting some level of planning but what is going to work with their objectives of transferring their assets, planning for estate taxes or incapacity or surrendering total or partial control over their assets is going to depend upon their end goals. It all begins with an inquiry and exploring various legal avenues in achieving your intended goals.
New York law recognizes a Fiduciary’s right to be compensated in their capacity as an agent. A fiduciary is entrusted with the authority to manage and distribute the property of the deceased individual. A fiduciary includes an Executor and Administrator and/or Trustee. This right to be compensated is premised upon the fiduciary’s taking active control of the property of the decedent and then assuming liability for managing and ultimately distributing the assets of the estate.