THE QUEENS
SEPTEMBER 2021
Flushing company celebrates 35 years of success and growth
BY CARLOTTA MOHAMED
cmohamed@schnepsmedia.com
@QNS
Gamco Corporation, a Flushing-based
premier manufacturer of quality fenestration
Elder Law Minute TM
The Secure Act and Supplemental Needs Trusts
BY RONALD A. FATOULLAH, ESQ.
AND DEBBY ROSENFELD, ESQ.
The Secure Act which passed in December of 2019
made major revisions to the inheritance and taxation
of retirement assets. Prior to the enactment
of the Secure Act, benefi ciaries who inherited IRAs
(for purposes of this article, IRA includes IRAs and all
other retirement assets) were able to stretch out the
value of the IRA by being permitted to withdraw the
required minimum distributions (“RMDs”) over the
course of the benefi ciary’s own life span. As an illustration,
if a 75 year old woman passed away leaving
her IRA to her 40 year old son, he would then be able
to withdraw the RMDs over his life span which would
be signifi cantly longer than his deceased mother.
This mechanism allowed for the inherited value of
the IRA to grow over time and minimized the tax
bite for benefi ciaries who could now stretch out the
taxable distributions over the course of many years.
The Secure Act changed these rules and, subject
to certain exceptions, people who inherit IRAs must
now withdraw the account in its entirety and pay all
income taxes over the course of ten years. The legislation
ELDER LAW
has essentially removed the benefi ciary’s ability
to stretch the IRA beyond a fairly short period of
time. One of the exceptions to the ten year rule, however,
is for retirement asset recipients who are disabled.
A person with a disability who inherits an IRA
is not required to cash out the IRA over ten years and
can actually make withdrawals over his/her actuarial
life span.
Many people with special needs who receive governmental
entitlements cannot own assets directly
in their names for various reasons. Such funds
may imperil certain benefi ts that are means based.
For example, an individual on Medicaid is only eligible
for services if his/her non-exempt assets do not
exceed $15,900. Medicaid also imposes income limitations.
While retirement assets in payout status are
not countable assets by Medicaid, the income generated
might cause problems for the recipient. Further,
many disabled recipients cannot handle the management
of assets in their names alone and are much
better off if the asset is held by a separate entity and
is managed by a trustee.
Due to the fact that the Secure Act exempts a
recipient with a disability from the ten year rule
and because many disabled individuals cannot own
assets directly, the supplemental needs trust is an
optimal vehicle to be designated as the benefi ciary
of an IRA when an IRA owner has a benefi ciary who
is a disabled child, relative or friend. The Secure Act
allows the retirement plan owner to designate the
supplemental needs trust as the benefi ciary, and
the trustee who manages the trust can then use the
RMDs to pay for various expenses attributable to the
benefi ciary, thereby supporting and enhancing the
recipient’s life.
It is important that the supplemental needs trust
include the requisite language allowing it to qualify
as the benefi ciary. Further, consideration has to
be made as to who should be the trustee and what
portion of the retirement asset should be left to the
trust. Each individual has his/her own unique set
of circumstances and objectives and meeting with
an attorney who is well versed in this area is most
advisable.
Ronald A. Fatoullah, Esq. is the founder of Ronald
Fatoullah & Associates, a law fi rm that concentrates in
elder law, estate planning, Medicaid planning, guardianships,
estate administration, trusts, wills, and real
estate. Debby Rosenfeld, Esq. is a senior staff attorney
at the fi rm. The law fi rm can be reached at 718-261-
1700, 516-466-4422, or toll free at 1-877-ELDER-LAW
or 1-877-ESTATES. Mr. Fatoullah is also a partner with
Brightside Advisors, a wealth management fi rm with
offi ces in New York and Los Angeles.
This summary is not legal advice and does not create
any attorney-client relationship. This summary
does not provide a defi nitive legal opinion for any factual
situation. Before the fi rm can provide legal advice
or opinion to any person or entity, the specifi c facts at
issue must be reviewed by the fi rm. Before an attorney
client relationship is formed, the fi rm must have
a signed engagement letter with a client setting forth
the Firm’s scope and terms of representation.
RONALD FATOULLAH
ESQ, CELA*
systems and special architectural
metal facade and building elements,
recently celebrated its 35th anniversary.
Th e company off ers custom design
storefront and entrance ways, curtain wall
systems, structural skylights, metal covers
and claddings, railings, canopies, facade
sunshades and other unique elements.
Its customers have expanded from
local glass shops and small contractors to
include regional architects, general contractors,
property managers and owners,
and fenestration installation companies
throughout the New York metropolitan
area and beyond.
“We’re proud to be a New York Citybased
manufacturer, with over 60 employees
and an ever-expanding satisfi ed customer
base of design and construction
professionals,” said Lelina Chang, head
of operations at Gamco. “Our company
is a dedicated contributor to the New
York City economy. Our employees and
customers are here, and we are excited to
help build New York.”
Gamco Corporation was launched
in 1986 by Taiwanese-American John
Chang and his wife, Beatrice Chew. Th e
company has grown from a startup in a
small industrial space to a leading regional
building products supplier with an
80,000-square-foot production facility in
Flushing.
With experience in metal fabrication,
construction and business, Chang and
Chew focused on providing installation
services of basic storefront
and entrance ways for local commercial
businesses, then shift ed Gamco solely
to manufacturing to provide the commercial
marketplace with better quality
control and lead times.
Over the years, Gamco introduced new
product lines, added high-end fenestration
such as curtain wall and folding glass
door systems, as well as architectural metals,
all with an emphasis on custom
design and fabrication
expertise.
Earlier this year,
the founders’ daughters,
Lelina and
Melora Chang,
joined Gamco
Corporation to
continue its legacy
of growth
and ensure its
ongoing focus
on serving the
construction community of the region.
“Here in New York, Gamco has established
a reputation for product innovation
and old-world craft smanship,” said
Melora Chang, head of marketing for
Gamco. “We have always aimed to deliver
the quality products architects, contractors
and building owners want to
make their properties stand out, and our
customers value that.”
Upon its success and growth, Gamco
Corporation has received recognitions
and congratulations in the form of offi -
cial letters and proclamations from local
elected offi cials.
Queens Borough President Donovan
Richards in his proclamation named
Aug. 8, 2021, as Gamco Corporation Day.
Meanwhile, Mayor Bill de Blasio, Senator
Toby Ann Stavisky and Assemblyman
Ron Kim also off ered the company their
appreciation for the contribution and
commitment Gamco has made to the
borough of Queens and New York City.
Gamco products can be seen at many
notable properties throughout New York
City and the metro area. Most recently,
Gamco provided a custom arcade skylight,
interior glass walls and grand entrance ways
for the new upscale Renaissance Chelsea
Hotel by Marriott in Manhattan, and custom
curtain wall, window systems and entrance
way for Montefi ore Hospital New Rochelle.
Photo courtesy of Gamco Corporation
Gamco Corporation executives
Lelina Chang (left) and
Melora Chang (right) show
proclamations sent by
New York officials
in appreciation of
the company’s success
at 35 years of
operation.
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