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Questions Answered by Gary Lane
2 Answers | Asked in Estate Planning for New York on
Q: My late parents had assets in an irrevocable grantor trust. The beneficiaries are all in agreement, and wish to disolve

My late parents had assets in an irrevocable grantor trust. The beneficiaries are all in agreement, and wish to disolve the trust. How does one go about doing that? the trust holds some funds, a residential house, and a small interest in a commercial property. Thank you.

Gary Lane
Gary Lane
answered on Apr 4, 2023

I would want to see the terms of the trust. Generally, most terms would allow that with all the beneficiary's unanimous agreement, written and signed by them all, and presented to the Probate Court Judge, it would then be dissolved, as if it never existed.

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2 Answers | Asked in Contracts, Business Formation and Business Law for New York on
Q: Can I partially own one LLC(A), as another LLC(B)? The other % of ownership of LLC (A) would be to an individual not LLC

Do i have any problems here? Or is this possible to partially own one company as another LLC ( B ) while still sharing ownership with a single individual of LLC (A)

Gary Lane
Gary Lane
answered on Apr 1, 2024

Yes. Done frequently. Should have no issues.

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4 Answers | Asked in Estate Planning, Family Law, Health Care Law and Elder Law for New York on
Q: I’m looking for a legal method that would give me the proper authority to manage my parent's care? Is a healthcare proxy

Is a healthcare proxy sufficient or do I need more?

Gary Lane
Gary Lane
answered on Feb 4, 2024

A Healthcare Directive. Available for free at most hospitals. I prepare them regularly for you.

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3 Answers | Asked in Estate Planning for New York on
Q: What would be the best way to pass a house to adult child, via will or gifting before death .please explain ramification
Gary Lane
Gary Lane
answered on Jan 10, 2024

Neither. With a Living Trust. I have done countless thousands for precisely this reason!

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3 Answers | Asked in Estate Planning for New York on
Q: Testamentary trust or Pour Over Will?

I am a man in my late 60s and I want all of my death assets (money, house) to go to a trustee (my attorney's office) when I die. When my underage sons turns the age of majority, then I want him to control these assets.

Should I do a testamentary trust or a pour over will?

Edit:... View More

Gary Lane
Gary Lane
answered on Nov 29, 2023

Absolutely a Living Trust. I do them for $1400. Best to you.

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2 Answers | Asked in Health Care Law for New York on
Q: Hi. Hru? Can a hospital refuse visitation for a patient? And the patient can’t really communicate herself with staff

My girlfriend was admitted to the hospital with a very serious condition and she’s constantly complaining of pain which is very normal but doctors yesterday told me that they find it very strange and therefor won’t allow anyone from visiting her !

She needs me to be there for her and... View More

Gary Lane
Gary Lane
answered on Nov 22, 2023

You need to get a court order permitting your visitation.

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3 Answers | Asked in Estate Planning, Family Law and Banking for New York on
Q: What happens to individual bank account? When the person passes away with no benefactors on the account and no will.

The person is married and has children, lives in New York..

My wife’s mother passed away. We are not sure if her bank account had a beneficiary or did she have a will.

Her mother is legal married..

would happen to her bank account now that she is deceased?

What... View More

Gary Lane
Gary Lane
answered on Nov 15, 2023

Goes to Probate Court for judicial determination.

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1 Answer | Asked in Estate Planning for New York on
Q: I am wondering the legitimacy of a revocable trust document, that I completed and printed, from LawDepot.com.

Does A Lawyer have to review it and at what cost?

Gary Lane
Gary Lane
answered on Apr 4, 2023

I would not trust a pre written generic living trust document. You should have it prepared by an experienced expert.

1 Answer | Asked in Criminal Law and Contracts for New York on
Q: Is small claims court worth it and can i press charges for fraud?

I have a hand written contract signed by myself and the other party. The contract states I made a down payment of $2300 for concrete work on my property. The check was cashed and in the memo it states it's for a concrete patio. That was in may and no work has been done. I just keep getting... View More

Gary Lane
Gary Lane
answered on Jul 13, 2022

How much cash are you out? If it is within the limits of small claims court, it would make sense to sue that way, YES.

1 Answer | Asked in Contracts and Real Estate Law for New York on
Q: Landlord says I'm not allowed on roof of apartment advertised as having "private roof deck"

I recently signed a lease for an apartment that was advertised as having "private roof deck". The posting went as far as including staged photos of said roof-deck furnished with patio furniture.

The roof has only one entrance through a door inside the apartment.

The... View More

Gary Lane
Gary Lane
answered on May 23, 2022

Landlord is breaching the contract. You have right to roof deck, even if it means taking him to court!

3 Answers | Asked in Estate Planning for New York on
Q: When a man passes away and doesn't have a will, who is the person responsible for making decisions on property left?

the relatives left behind are a 23 year old daughter, 16 year old son, and 13 year old girl. No spouse exists.

Gary Lane
Gary Lane
answered on Mar 7, 2022

It will definitely go to Probate Court. There a judge will make the final decision. With only one adult child, the judge will rely heavily on that child and any wishes expressed by the deceased.

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1 Answer | Asked in Consumer Law and Contracts for New York on
Q: Buying a new car at MSRP, - the dealer tells me there is also a mandatory non-negotiable $2000 extended warranty.

I have noted in writing and in person that I will not and cannot use this warranty, I dont keep my car for longer than 2-3 years and will never use it. The extended warranty would extend the basic warranty from 3 to 5 years. I never have a car that long and have asked for it to be removed. Is this... View More

Gary Lane
Gary Lane
answered on Jan 18, 2022

I would absolutely refuse the demand and contact the Attorney General's Consumer Fraud division for immediate assistance!

2 Answers | Asked in Estate Planning for New York on
Q: If three out of four heirs agree to a cash offer for apprised value of house does the fourth have to as well?

The fourth heir wants to put house on market to see if a bidding war would happen to maybe get a few thousand more as where the other three are willing to take the garunteed cash offer at apprised value. Can the executor accept the cash offer or do all have to be in agreement

Gary Lane
Gary Lane
answered on Sep 1, 2021

What does the will say? Does it require unanimity? If not, then Executor may decide to proceed.

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1 Answer | Asked in Estate Planning for New York on
Q: If I have the deed to my grandmothers house in Puerto Rico is it mine?

I’m being told that my cousins have rights to this house. My mother was the youngest of seven children and has died but now I’m being told that the house has to be divided among my cousins.

Gary Lane
Gary Lane
answered on Aug 28, 2021

What exactly do you mean by "I have the deed"? Is the deed in your name? Did a transfer deed into your name ever get recorded or even written? Merely having possession of the piece of paper (the deed) does not give you possession of the property, even if it was given to you with that... View More

2 Answers | Asked in Estate Planning and Tax Law for New York on
Q: How does 'Inherited IRA' work if IRA beneficiary is a rev trust? And rev trust doc lists 2 children as beneficiaries?

IRA value $700K. Can Inherited IRA live in trust with distributions to children's accounts? What/who is taxed?

Gary Lane
Gary Lane
answered on Aug 25, 2021

Yes, definitely the Revocable Trust can be the beneficiary of the IRA. And the Trust can then distribute proceeds, per the terms of the Trust, to the children. Taxes on the IRA would normally be paid by the IRA at the time of distribution to the Trust.

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1 Answer | Asked in Estate Planning and Elder Law for New York on
Q: How much can I expect to pay a lawyer to be my agent under a durable power of attorney for finances?

What is a typical payment arrangement? I assume no payment is necessary until the agent actually begins carrying out his duties. Is the payment arrangement something that should be spelled out in the power of attorney document?

Gary Lane
Gary Lane
answered on Jul 27, 2021

Do not use an attorney. No reason to spend that money. Anyone you trust who has reasonable acumen, can perform the task. If you wish to pay anyone, yes, be sue to spell it out.

1 Answer | Asked in Estate Planning for New York on
Q: If I did a revocable trust through legal zoom, where do I file it.
Gary Lane
Gary Lane
answered on Jun 15, 2021

Living Trusts are not filed. You may do so if you choose, but most folks do not file (record) them but instead keep them private. Should you choose to record it, it is done as your local County Recorder's Office, where deeds are recorded.

3 Answers | Asked in Estate Planning for New York on
Q: My mother has Alzheimers. She has a POA document naming me as POA. Can I, as her POA, set up a revocable trust?
Gary Lane
Gary Lane
answered on Jun 11, 2021

Assuming all the boxes on the standard form POA are checked, then YES. In fact, I am doing just that this very week for another family. Love to help with yours if you wish. Thank you. garyleelane1@gmail.com.

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3 Answers | Asked in Estate Planning for New York on
Q: I'd like to speak with a lawyer about planning for retirement, and estate planning. In NYC Upper West Side.
Gary Lane
Gary Lane
answered on May 5, 2021

I am available via zoom when you wish. I have been exclusively doing Living Trusts for 21 years. Thousands of client. Love to help you. garyleelane1@gmail.com

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3 Answers | Asked in Estate Planning, Elder Law and Probate for New York on
Q: Does a will have power over asset distribution if beneficiary is not listed on broker's beneficiary list?

Family member A has Family member B as beneficiary in their will. Family member A's financial advisor has Family member C as beneficiary. What entity take precedence upon death of Family member A's death?

Gary Lane
Gary Lane
answered on Jan 13, 2021

Which disposition is the most recent? The will can supersede the prior order, but it can also be superseded by a subsequent change.

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