GCC Webinar: 遗产规划 (普通话) Estate Planning
Why do you need to have a Trust in addition to a Will? & What is the process and cost to set up a Trust?
Speaker, Yanfei Ran, Esq 冉燕飛律師 is the Head of Estate Planning and Trust Department of MC and Chen P.C. Flushing office. A graduate of Beijing University Law School and Fordham. The University of Law. Ms. Ran has been admitted to the New York State Bar, US District Courts, and EOIR Immigration Court. She is also a member of the American Academy of Estate Planning Attorneys.
The most important thing to have when preparing for estate planning may be creating a will/trust.
But we heard a lot of attendees ask questions like, what the difference between a will and a trust? What are the tax rates for a trust? What kind of things can you transfer into a trust? Who is the executor of the trust? Is trust revocable? What is probate? Over 80 attendees attended with interest to find out more as we continue to cover the topic of Estate Planning and Creating a Trust.
It is also important to keep in mind that building an estate plan requires you to understand the different parts of the plan and what you are trying to execute. These are the questions that you should be asking yourself and your lawyer: What kind of properties can go in trust? Who will be the trustee? Would the trust avoid estate and probate taxes? Who will be my power of attorney? Who can be the beneficiaries?
It was interesting to see that many individuals do not have a strong understanding between a will and a trust, and also do not have a strong understanding of what kind of benefits each may carry. Many attendees expressed that they may have some sort of living will but may not have a trust. But as Ms. Ran mentions, it is important to have a will but it may not be enough. By creating trust, there are added benefits that may help protect your estate from a number of consequences depending on your circumstance. Such as protecting your assets from creditors and lawsuits, reducing your estate taxes and it may even offer protection from court proceedings that may include bankruptcy,
It is important to speak to a lawyer for professional advice especially when everyone’s situation is different. It is also important to first understand the intent of your will and trust. Your lawyer working with you can provide different kinds of examples when creating trust. Your lawyer will help to decide what kind of trust you may want to create, whether it’s a removable or an irrevocable trust. They also help you work through what you want your trust to accomplish. Your lawyer will then help draft and execute the trust agreement, and the final part is to fund the trust and regularly review and manage it with your lawyer.
For more information about trusts and estate planning please feel free to reach out to Yanfei Ran, Esq 冉燕飛律師. You may find their contact info below.
Resources
Yanfei Ran, Esq.
Attorney at Law
ML and CHEN, P.C.
136-20 38th Ave., Suite 9J
Flushing, NY 11354
Tel: (718) 939-9000/(718) 939-9008
Fax: (855) GO-2-CHEN
(855) 462-2436
Email: yran@mchenlaw.com
Website: www.mchenlaw.com
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