Skip to main content

Do we have to pay estate tax on a special needs trust in NY on an estate of over a million dollars?

White Plains, NY |

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?
Thank you.

+ Read More

Attorney answers 3

Posted

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.

James Frederick

***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!

Posted

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/

James P. Frederick

James P. Frederick

Posted

Thank you, Steve. I am going to collect a bunch of these responses and show them to Mrs. Frederick. She is always presenting evidence to the contrary! ;-)

Steven M Zelinger

Steven M Zelinger

Posted

I might ask for the same assistance with Mrs. Zelinger!

James P. Frederick

James P. Frederick

Posted

Any time! ;-)

Posted

Your next step is to hire a competent estate planning or probate lawyer in New York.