8 Steps to Transfer Your Coop to a Revocable Trust

Coops are a pain in the neck to transfer, especially if you pass away and your Coop is being transferred by your Will: The Coop does not like accepting payments from non-tenants (because they don’t want to create an excuse for undesired tenancy outside of the proprietary lease and interview process), so months of unpaid fees and late charges begin to stack up waiting for the Surrogate’s Court to admit the deceased-owners Will to Probate. So, it should come as no surprise that someone thought “Hey, if I can transfer my Coop shares using a Revocable Trust, I can save a lot of time and family frustration.” And they were correct: If your Coop is owned by your Revocable Trust,

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How Do I Refinance a Home that is Now Owned by a Living Trust? Guest Blog by Abby Hackmann

Abby Hackmann handles the marketing work for Trusted House Finance. You can read more of her blogs at https://www.trustedhousefinance.com/blog/     Are you looking to refinance a home that’s owned by a living trust? The good news is that is it possible to refinance the home. It just might take a little more work than a typical home refinance and you must be authorized to do so.   If you aren’t sure if your home is owned by a living trust then it’s best to completely understand what a living trust is before you get started. A living trust is a legal document that protects a person’s home and other real estate assets from probate court. The trust will name the trustee,

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When a Trust Beneficiary Doesn’t Have a Copy of Their Trust

The last few generations have seen an immense growth in wealth that can be transferred to family members. They have also seen an increase in the types of temptations available to those family members: More drugs, more frivolous items to spend on, more high-risk business opportunities that don’t pan out. So wealthy family members leave these bequests using trusts, so the funds may be protected from the beneficiary, for the beneficiary. But what happens when a beneficiary can’t find their copy of the trust, and what rights does that beneficiary have over those funds?   I see this problem at least once per week: The beneficiary’s parent / grandparent / uncle left them funds in a trust, but the beneficiary

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3 Ways An Irrevocable Trust Really Isn’t Irrevocable?

As I have discussed in the past, https://www.investopedia.com/advisor-network/articles/only-3-reasons-why-you-should-have-irrevocable-trust/ there are three reasons to create irrevocable trusts. The word “Irrevocable” usually implies no ability to change, and most people believe that a Trustee is required to adhere to the language contained in the irrevocable trust, even though times and circumstances may have changed. Nonetheless, in many circumstances, irrevocable trusts may actually be legally changed, modified or revoked in New York State. ALL PARTIES AGREE TO MODIFY: The first circumstance exists when the Grantor of the Trust is still alive, wants to make a change and ALL the beneficiaries of the Trust agree with the proposed change. In this case, an amendment of the Trust or a revocation can be done –

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When Should I Use or Avoid A Joint Trust?

A joint trust is a trust created during your lifetime, where both you and at least one other individual are the Grantors (creators). These are almost always “inter vivos” (created during your life, and not by a will upon your passing), and tend to be done by happily married spouses. While they tend to simplify most people’s estate plans by only having to deal with one document, joint trusts also have a time and a place when they should be avoided.   The most ideal time to utilize joint trusts is when the creators of the trust are (1) married, (2) want the same end-result for the funds, and (3) trust the surviving creator to control the funds when he/she

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Testamentary Trusts: The Good and the Bad

A testamentary trust is not applicable until (1) you pass away, (2) your will is successfully admitted to probate, and (3) the trustee establishes a trust account with funds delivered by the will’s executor. But what kind of property should you have distributed via these trusts? The advice of many estate planning attorneys is to transfer as little as possible by will: Probate requires: a good deal of paperwork notice to a potentially large number of familial and beneficial parties, a court clerk approval of submission of the will, the court’s over-all approval, etc. Probate also has a sliding scale for court filing fees, is a public affair, and takes a good deal of time to administer. Meanwhile, transferring property

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Foreign Family Members: Will or Trust?

Several client or their spouses are immigrants who are not US Citizens or have several foreign family members. This poses several costs and challenges when choosing to pass property, and should lead one to ask if they should have property pass by a Trust or by Probating a Will. The following issues apply for people who reside overseas and do not pay US taxes, also known as “Non-US Persons.” Remember that having/opening a Trust avoids all of these costs: A Trust does not pass through Probate, does not require a Court to approve a foreign Trustee, and assets are distributed much more quickly and at less cost. First, any person who is a Non-US Person cannot serve alone as an

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