My father put a special needs trust for me in his will. Nothing was changed into the trust name before he died. Do we have to pay estate tax on it in NY? Can we move his assets into the trust now? What is our next step?
Your next step is to visit a probate and trust lawyer. You have a million dollar estate. That means that little mistakes can wind up costing LOTS of money. Why would you want to leave this to chance? Whoever is trustee would also have potential personal liability for mistakes. The trustee's job is hard enough as it is, without needing to worry about liability. Do this right the first time, and hire an attorney.
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3 lawyers agree
Estate Planning Attorney
Mr. Frederick is correct, as usual. Take his advice.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/