My question involves estate planning in the state of: New York
Parents intend to leave assets to daughter by a testamentary trust. Granddaughter would succeed to the trust on the daughter's death. Daughter has an estranged husband. Parents want to make sure granddaughter inherits on death of daughter and do not want husband to get anything. Parents want to name daughter as trustee of her trust, with no limits on discretion. Absent the husband issue, they would leave the assets outright.
Concern is that daughter serving as trustee could cause the trust assets to be deemed her assets and, on her death, to be subject to husband's rights to a portion of his wife's estate under New York law.
Is this a valid concern or would the trust protect the granddaughter?
Parents intend to leave assets to daughter by a testamentary trust. Granddaughter would succeed to the trust on the daughter's death. Daughter has an estranged husband. Parents want to make sure granddaughter inherits on death of daughter and do not want husband to get anything. Parents want to name daughter as trustee of her trust, with no limits on discretion. Absent the husband issue, they would leave the assets outright.
Concern is that daughter serving as trustee could cause the trust assets to be deemed her assets and, on her death, to be subject to husband's rights to a portion of his wife's estate under New York law.
Is this a valid concern or would the trust protect the granddaughter?
Trusts: Trust Beneficiary As Trustee
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