Legal Question in Elder Law in New York

money in trust for me

My mother in New York State has some money in trust for me. She is the controlling trustee and can access it any time. The return is small and we have discussed allowing me the use of that money for some needed projects at my home in return for a payment substantially larger than her current return. She is NOT near having to go to a nursing home though she is elderly. What's the best way to accomplish giving me use of the money? A formal loan perhaps? What might the pitfalls be? The amount is around 30-thousand dollars. Oh, and we each have the others power of attorney. Thank You.


Asked on 7/12/04, 11:34 pm

1 Answer from Attorneys

Anthony Park Anthony S. Park, PLLC

Re: money in trust for me

Dear sir or madam:

Depending on the type of trust and the estate planning involved, the simplest answer may be to simply dissolve the trust and gift the principal to your directly.

For further assistance, you can contact my office by email ([email protected]) or by phone.

Sincerely,

Anthony S. Park

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Answered on 7/13/04, 11:46 am


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