32 The QUEE NS Courier • business • march 20, 2014 for breaking news visit www.queenscourier.com ▶business ▶The Elder Law Minute TM Trusts for Those We May Not Trust By Ronald A. Fatoullah, Esq. and Yan Lian Kuang-Maoga, Esq. The concept of controlling one’s heirs from the grave may be difficult to fathom. However, there are many circumstances in which it elder law ROnald Fatoulah, ESQ, CELA* is necessary to set some control over the inheritance to an heir in order to protect him or her. Trusts are often used to set the appropriate level of control and to provide peace of mind to the creator of the trust. The ability to pass on one’s hard earned money to one’s spouse, children, grandchildren, friends, and/or charitable organizations is very gratifying. However, some individuals may cringe at the idea of their money being placed directly into the hands of their heirs. An individual may have an heir who has gambling issues, has creditors and/or predators (i.e. “girlfriend” or “boyfriend”), has an addiction, or is simply a spendthrift. Often, parents plan to use trusts to provide for their heirs who might be minors or are disabled. However, trusts are also useful for other heirs who may need financial protection. A trust is an extremely versatile way to provide for the financial control and protection for one’s heirs after death. Trusts can be intervivos or testamentary. An intervivos trust, or lifetime trust, is created and is in effect during one’s lifetime. A testamentary trust is a trust set forth in a Last Will and Testament that will go into effect upon the grantor’s death. Either trust may be changed while the individual is alive unless the particular intervivos trust is irrevocable. However, once the individual passes away, both types of trusts become irrevocable. In a trust, the inheritance of an heir will be managed by a trustee who is hand-picked by the grantor. If the trust is drafted properly, the trust funds are safe from direct access by the heir and his/her creditors. The level of protection imposed on the accessibility of the funds in the trust will depend on the circumstances, and should be carefully designed to meet the needs of the heir while satisfying the concerns and wishes of the grantor (the creator of the trust). Some heirs might be able to handle small amounts of money, and therefore the trust may provide that they receive a monthly income from the trust. Others may not be able to handle any amount of money, and in such cases it may be prudent for the trust to specify that the trustee pay directly for all basic expenses of the heir (i.e. issuing a rent check directly to the landlord). A trust may remain in effect for the lifetime of the heir or may terminate upon a certain condition or on a specified date. Again, a trust is versatile and can be designed based on the circumstances and on the grantor’s wishes and beliefs. In any case, if there is cause for concern about a particular heir, it is prudent to discuss the creation of a trust with an experienced elder law and trusts & estate attorney. Although some individuals may choose to disinherit a troubled heir, it is not always necessary to do so. The use of a trust can enable an individual to leave an inheritance to a beneficiary without worrying about unwanted consequences. Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law firm that exclusively concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts, wills, and real estate. The firm has offices in Forest Hills, Great Neck, Manhattan, Brooklyn, and Cedarhurst, NY. This article was written with the assistance of Yan Lian Kuang-Maoga, an elder law attorney with the firm. Ronald Fatoullah & Associates can be reached by calling (718) 261-1700, 516-466-4422, or toll free at 1-877-ELDER-LAW or 1-877-ESTATES. Seth Krakauer, Hoong Yee Lee Krakauer, Fran & Steve Cimino Lynn Lobell and Jacqueline de Dios, Queens Council on the Arts Moveable Feast Artist Dinner Photos by Mike Savitsky One Long Island City chef and dance artist took a group of guests on a delectable journey. The Queens Council on the Arts held another night of the Moveable Feast Artist Dinner series on March 10 and raised $10,000, moving closer to their overall goal of $35,000. All the money raised will support scholarships for students participating in the High School to Art School Portfolio Development program. The night was packed with entertainment and great food as Chef Gianna Cerbone-Teoli and Queens dance artist Emily Berry hosted the night and gave their guests a sniff into their worlds. The guests took time to enjoy their meal of either a trio of pasta sfogliatelle, pappardelle cappuccion with three mushrooms and carmelle al verdo or lamb chops, stuffed shrimp and lobster scampi, truffled veal stuffed with spinach, truffle cheese and mushrooms cooked in a reduced aged marsala. Each guest also worse blindfolds in order to “awaken their sense of smell while they ate.” The next event of the Moveable Feast Artist Dinner series, called The Art of Ghost Dumplings, will be held on Friday, April 11. Steve Martin, Mandy Kelso, Sonia Saleh Hoong Yee Lee Krakauer, executive director, Queens Council on the Arts (QCA), and Gianna Cerbone-Teoli, owner, Manducatis Rustica B 3 W Performance Group Jacqueline de Dios, Daliana Rosa, QCA Francesco and Gianna Cerbone-Teoli
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