If you are considering gifting or transferring assets, there are distinct differences between an outright transfer and a transfer into a trust that is important to understand.
1. When prepared correctly, a transfer to a trust provides:
•Asset protection; and
•A step up in tax basis.
2. An outright transfer to children or others may incur:
•A carryover tax basis.
When considering an outright transfer to children, it is important to consider the following:
•What happens if children divorce?
•What happens if the child predeceases you?
•What happens if your child has outstanding creditors?
An experienced Elder Law attorney can explain the benefits and drawbacks so that you can make an informed decision about what is best for you and your family.
Please contact us directly with your questions or comments.
Vivian Garrastegui, Esq.
SCHNEIDER, GARRASTEGUI & FEDELE PLLC
135 Pinelawn Road
Suite 110 South
Melville, NY 11747
(P) 631-756-6006
Call (631) 756-6006 or fill out the short form below. We will usually respond within one business day and often the same day. Don’t hesitate. Your questions are welcome!
We respect your privacy. The information you provide will be used to answer your questions or to schedule an appointment if requested.
Our Elder Law & Estate Planning Office in New York
© Copyrights 2023. Schneider, Garrastegui & Fedele PLLC. All Rights Reserved.
Powered by Law Firm Marketing Pros
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship.