Do make all transfers to your trust, as advised by the elder law firm, in a timely manner.
Do take dividends and income on trust assets on at least a quarterly basis (if not, they are considered additions to principal and create a new look-back on the money not taken every year).
Do contact the elder law firm when you wish to make a gift from the trust to any of your beneficiaries.
Do contact the elder law firm when a Grantor needs Medicaid benefits or dies.
Do contact the elder law firm when personal or financial circumstances change significantly.
Do contact the elder law firm if you wish to change trustees or undo the trust.
Do provide your homeowner’s insurance company with the “letter of instruction”, including a copy of the trust for real property transferred to the trust, to add the trustees as “additional insureds” (supplied by the law firm).
Do provide your CPA or tax preparer with the “letter of instruction” regarding the trust tax return (supplied by the law firm).
Do choose your trustee carefully to avoid the expense (and unpleasantness) of changing the trustee.
Do contact the elder law firm if you want to refinance, take a reverse mortgage or take out a home equity line of credit (“HELOC”) on real property in the trust.
Don’t use trust assets to pay telephone or utility bills.
Don’t use trust assets to pay personal expenses.
Don’t use trust assets to purchase an automobile (since all the assets in the trust will be exposed to liability if there is a car accident).
Don’t take principal or capital gains from trust assets.
Don’t transfer IRA’s or 401(k)’s to the trust.
Don’t allow beneficiaries to return to the trust or the Grantor any gifts made from trust assets.
Don’t make additional transfers to the trust in the future without advising the elder law estate planning firm.
Don’t use trust assets for repairs and improvements on Grantor’s residence (permitted for rental property).
Don’t use trust assets for payment of real estate taxes and homeowner’s insurance on Grantor’s residence (permitted for rental property).
Phone: 718-625-5100 * At the corner of Sheepshead Bay Road and Shore Parkway
900 South Ave #202
Staten Island, NY10314
We serve the following localities: Albany County including Albany; Bronx County including The Bronx; Dutchess County including Fishkill, Poughkeepsie, and Rhinebeck; New York County including New York; Orange County including Goshen, Middletown, and Newburgh; Richmond County including Staten Island; Rockland County including Monsey, New City, and Nyack; Saratoga County including Ballston Spa, Clifton Park, and Saratoga Springs; Suffolk County including Brookhaven, Huntington, Islandia, Melville, Riverhead, and Southampton; and Westchester County including White Plains and Yonkers. View More
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