Trusts

July 19: Grimaldi & Yeung LLP Invites You to a Complimentary Breakfast Seminar!

July 19: Grimaldi & Yeung LLP Invites You to a Complimentary Breakfast Seminar!

Joanne Seminara, Partner of Grimaldi & Yeung LLP, will be presenting: Medicaid Planning & Asset Protection Trusts

WHEN:
Thursday, July 19, 2018
9:00 AM to 11:00 AM

WHERE:
Colonnade Diner

2001 Hylan Boulevard
Staten Island, NY 10306

Please join us to learn about long term care planning and how YOU can plan ahead!  

Complimentary Breakfast & Seminar – Please Bring a Friend! 

Seating is limited
MUST RSVP by July 16, 2018mcoppola@gylawny.com or (718) 238-6960

 

For updates and information in Elder Law and Estate Planning, Medicaid and Special Needs Planning, please visit our website: www.gylawny.com 

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

May 24 breakfast seminar: “Are Trusts a Must? How to Protect Your Assets”

May 24 breakfast seminar: “Are Trusts a Must? How to Protect Your Assets”

In honor of Older Americans Month, Grimaldi & Yeung LLP invites you to a complimentary breakfast seminar!

Judith D. Grimaldi, Partner of Grimaldi & Yeung LLP presents:
“Are Trusts a Must? How to Protect Your Assets”

WHEN
Thursday, May 24, 2018
8:30 AM to 10:30 AM        

WHERE
Tom’s Restaurant
782 Washington Avenue (corner of Sterling Place)
Brooklyn, NY 11238

MUST RSVP by May 21, 2018
mcoppola@gylawny.com or 718-238-6960

 

For updates and information in Elder Law and Estate Planning, Medicaid and Special Needs Planning, please visit our website: www.gylawny.com 

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

Join us April 10: NYC Trust’s 2018 Women’s Financial & Philanthropic Learning Series

Join us April 10: NYC Trust’s 2018 Women’s Financial & Philanthropic Learning Series

Is your financial house in order?
Having the right documents in place can make all the difference. We’ll show you the best ways to be prepared.

Our April 10th session will feature a panel of experts to enlighten and empower you:

  • Judith D. Grimaldi*, Esq., Partner, Grimaldi & Yeung
  • Nicole Francis, CFP, CRPS, Manager, Hudson Advisory Group
  • Gail Cohen, Esq., Chair & General Trust Counsel, Fiduciary Trust International (moderator)

WHEN: Tuesday, April 10th, 5:30 pm – 7:00 pm
WHERE: New York Community Trust, 909 Third Avenue (between 54th & 55th Streets), 22nd Floor

All questions and RSVPs to Marie D’Costa at 212.686.2461. Details available with RSVP. We look forward to being with you.

Join us for an evening of information, conversation and cocktails with other “fearless girls” as we discuss and plan our financial futures, in a confidential and safe environment. For almost a century, The Trust has been helping individuals make smart, well-managed, and strategic decisions about their philanthropy. Join us Tuesday, April 10th as our panelists present concrete and actionable steps that will help you the very next day.

*Author of 5@55. Every participant will receive this book, compliments of Judith D. Grimaldi, Esq. and The Trust.

 

Fearless Girl Statue by Kristen Visbal New York City Wall Street
Photo by Anthony Quintano
Full photo: https://www.flickr.com/photos/quintanomedia/33736548216

Please visit our website for information on Elder Law and Estate Planning: www.gylawny.com 

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

Joanne Seminara gives Colonial Club some helpful legal advice

Joanne Seminara gives Colonial Club some helpful legal advice

Senior Editor John Alexander of the Brooklyn Daily Eagle was at the Colonial Club last week. Like others, he was there to hear attorney Joanne Seminara speak from “5@55: The Five Essential Legal Tools You Need By Age 55,” the book she co-authored with attorney Judith Grimaldi. (Photo above: Joanne with Colonial Club President Brian Chin. Eagle photo by John Alexander.) Below is John’s story:

Five Legal Documents You Need by 55:
Attorney Joanne Seminara speaks at Colonial Club
BY JOHN ALEXANDER
Brooklyn Daily Eagle

“Good lawyers have different ways of reaching people, and attorney Joanne Seminara offered an engaging and informative talk at the Colonial Club of Bay Ridge meeting on Thursday.

Seminara has been a community leader in Bay Ridge for over 30 years and served has been a member of Community Board 10 for the last 20 years. She is an outspoken advocate in the neighborhood and is a partner at Grimaldi & Yeung LLP, where she specializes in the areas of elder law, estate planning and estate administration.

Elder law consists of looking at people’s comprehensive life insurance and their health issues and their needs for long-term care. “We look at if they have long-term health insurance and what kind of supplemental coverage they have. We also talk about government benefits and Medicaid.”

She said Estate planning includes things like wills and power of attorney.

Seminara explained the importance of planning for the future when is young enough to think straight. “At 55, we’re encouraging people to begin planning for their future. It’s the time in your life when you should say, ‘Honey, we have to go see a lawyer and put some basic documents in place.”

Read full Brooklyn Eagle article here

Attorney Advertising

Please visit our website for information on Elder Law and Estate Planning: www.gylawny.com 

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

Retirement Benefits as a Lasting Legacy

Retirement Benefits as a Lasting Legacy

“When a Trust is a Must”
Part 3 in a series by Joanne Seminara, Esq.

An IRA Trust is an important estate planning tool for maximizing, protecting and managing your Individual Retirement Account or IRA.  Using this tool, an IRA Trust, rather than one or more individual beneficiaries are named as the IRA beneficiary.  The IRA Trust, in turn, designates the beneficiaries of the asset. Properly drafted, an IRA Trust allows extended tax deferral benefits by “stretching out” the payments over the beneficiary’s life expectancy.

An IRA Trust may be advisable for one of more of the following reasons:

  • Beneficiary is too young to manage her own affairs
  • Beneficiary is disabled
  • Asset protection and creditor protection
  • The need to preserve assets for children in second marriages and/or non-traditional family members
  • Wealth preservation
  • Tax planning

Consider the following situation.  Anna, age 78, is a retired widow who, after working as a paralegal at a large law firm for 40 years, has amassed a $500,000 IRA.  Anna has one child,  Nancy, age 50, from whom she is estranged, and 2 granddaughters, who are 13 and 15.  Nancy is married to Mike, a spend-thrift who does not contribute much support to the household.  Anna does not wish to leave her substantial IRA to her daughter and wants to leave her sizable IRA to her grand-daughters so they have the chance of a good start in life.  How can Anna safeguard her hard earned IRA assets for their future needs?

The solution is an “IRA Trust” for the benefit of her granddaughters, who may not be adults or mature enough to manage their own assets at Anna’s death.  A “Trust” allows a person, called a Trustee, to manage assets for the benefit of another person to ensure the assets are used as intended. An IRA Trust is specifically drafted to hold IRA assets, which are typically “tax deferred,” that is, assets for which income taxes have not been paid and for which taxes will be due when the asset is distributed, or “paid out,” in the future.

A designated beneficiary of a retirement benefit plan is generally required to take minimum required distributions (or “MRDs”) starting at age 70.5 over his or her life expectancy.  If a Trust is the beneficiary of an IRA and all the Trust beneficiaries are individuals, the oldest beneficiary‘s life expectancy will be used to calculate the MRDs.  An IRA Trust is the perfect tool for Anna because it allows for tax deferral on the IRA assets (to the extent they are not paid to Anna and taxed during her lifetime) to be further “stretched out” past her lifetime and continued over the lifetime of her now 15 year old granddaughter for the benefit of both granddaughters.

An IRA Trust can be drafted as an “accumulation trust” so that distributions to beneficiaries are accumulated and distributed at certain defined beneficiary ages, or a “conduit trust” which requires direct mandatory distributions to a beneficiary annually over his or her life expectancy term. IRA Trusts can even allow for the flexibility to change the distribution plan during the term of the Trust if the Trust provides for a “trust protector” to make this decision.

Creators of IRA Trusts, called the Grantors, like Anna, should carefully consider the age of their beneficiaries and their likely needs when deciding between an Accumulation Trust and a Conduit Trust.  This decision should follow review of the time period that the IRA assets will remain undistributed or “in trust,” when and how the distributions will be made, and the tax ramifications for such assets.

Trusts are taxed at higher income tax rates than individuals.  Therefore, to the extent the income earned by the IRA is “accumulated” within the Trust and not paid out to an individual beneficiary in any year, the Trust will have to pay income taxes at this higher rate.   Alternatively, an IRA “conduit” trust which provides for regular mandatory distributions to a younger beneficiary may achieve more favorable income tax treatment. This type of Trust, which regularly sheds income over the lifetime of the beneficiary, allows income tax to be paid at the individual’s tax rate, which is typically lower.

There are other issues to consider when deciding between an Accumulation Trust and a Conduit Trust.  If the Grantor wishes to name more than one beneficiary and/or a contingent beneficiary, and one beneficiary is significantly older, a Conduit Trust may be more suitable. Conduit Trusts offer the advantage of using the often longer life expectancy of a single beneficiary, and thus greater tax deferral and growth, rather than the shorter life expectancy of the older beneficiary.

IRA Trusts are advanced estate planning tools governed by complex Federal Internal Revenue Code regulations.  There are special restrictions and terms that must be included in an IRA Trust for it to be effective. An IRA trust should be considered in consultation with experienced estate planning attorneys and financial advisors.

Additional resources provided by the author

Part 1: When a Trust is a Must

Part 2: When a Trust is a Must:  “Long-Term Care and Asset Protection”

 

Joanne Seminara

GRIMALDI & YEUNG LLP:
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.

Complimentary Breakfast Seminar: “Medicaid Planning & Asset Protection Trusts”

Complimentary Breakfast Seminar: “Medicaid Planning & Asset Protection Trusts”

Grimaldi & Yeung LLP is hosting an upcoming Complimentary Breakfast Seminar:

Judith D. Grimaldi & Naomi Levin will be presenting:

“Medicaid Planning & Asset Protection Trusts”

When:
Thursday, October 12, 2017
8:30 AM to 10:30 AM

Where:
Fifth Avenue Diner Restaurant
432 5th Avenue (Btwn. 8th& 9th Sts.)
Brooklyn, NY 11209

MUST RSVP by October 9th: mcoppola@gylawny.com or (718) 238-6960

PRINTABLE FLYER

GRIMALDI & YEUNG LLP
Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.