Melnik Law Group, PLLC

Read Steven Melnik's Best Selling Book "Tax Relief and Resolution"

Tax Relief and Resolution Amazon #1 Best Seller
Click here to find out about the Benefits of Having a Melnik Trust™
New York Estate Planning Lawyer Firm Overview Attorney Profiles News / Press Seminars Client Testimonials In the Community Contact us
Click to Call Email Us Now Writing a will? Watch our informative videos
Areas of Practice
Estate Planning
High Net Worth Estate Planning
Emergency Planning
Probate of Wills
Administration of Estates
Power of Attorney
Conservatorships & Guardianships
Business Formation
Will Contests
Probate Litigation
Health Care Proxies
Deed Transfers
Beneficiary Rights
Estate Litigation
Other Areas of Practice


Melnik Power Trust™ :

Part I :

  • Prevents what can be costly and lengthy probate process
  • Prevents a need for guardianship process in case grantor becomes incapacitated, as trustees will have the necessary authority to carry on and administer assets, income, etc.
  • Makes sure minor beneficiaries will not receive inheritance at the age dictated by the state (when no proper planning was done in advance) when there is a high risk of the inheritance being misused or wasted. Instead, creators of the trust chose the appropriate age for their children, grandchildren and/or other beneficiaries to receive the inheritance.
  • Assists in protecting assets in the trust from beneficiaries' creditors
  • Should any of the beneficiaries become disabled in the future and need assistance from the government, the trust can assist in preventing the assets within the trust to become barriers in beneficiaries' rights to receive certain valuable government benefits, such as Medicaid or Supplemental Security Income (SSI).
  • Can assist in keeping assets in the family for future generations and decrease the risk of assets being lost due to beneficiaries getting divorced.
  • Since income from taxable trusts gets into higher tax brackets faster than say individual's tax brackets, to prevent this from occurring, this trust was designed to be tax neutral.
  • Trust pays no taxes
  • Beneficiaries do not show any income from the trust on their individual income tax returns
  • Creators of the trust continue to show all income generated by the assets placed into the trust on their individual income tax returns.
  • No taxation upon transferring assets into the trust (for example, no Gift Tax or Income Tax)
  • No taxes paid by beneficiaries when receiving assets from the trust.
  • New money/assets can be added into the trust at any time without any additional legal fees payable to the attorneys who created the trust.
  • Type, value and other characteristics of assets in your estate are held confidential (it's not public information as far as which assets were left for your beneficiaries, what assets were received by which beneficiary, etc.).
  • Can prevent contests/law suits by beneficiaries trying to receive a greater share of inheritance than that stated in the trust document (a common occurrence in case of wills).
  • Can prevent a need to pay attorneys to modify documents in case there are new beneficiaries such as grandchildren born, if all beneficiaries receive equal percentage of inheritance
  • No need to modify trust if new assets are acquired
  • No monthly or annual maintenance fees
  • Creators of the trust (Grantors) can change beneficiaries of the trust at any time
  • Creators of the trust (Grantors) can change what beneficiaries receive from the trust at any time
  • Creators of the trust (Grantors) can receive any and all income from the trust at any time.
  • Facilitates a seamless transfer of business ownership and other assets to a designated beneficiary
  • Assets the creators of the trust (Grantors) to make sure that only competent and reliable people chosen by Grantors will be managing assets, money, business and other trust assets in case creators of the trust are not able to do so, instead of an individual or entity appointed by the government.
  • Can facilitate provision of benefits to a charity of Grantor's choice.
  • Can helps provide for future generations - grand and great grandchildren.
  • Can helps establish legacy
  • Can help prevent family disputes
  • Can help make sure that no property gets lost or gets into the wrong hands.
  • Assists in making assets readily available at death. Assets held in a trust are immediately available to raise cash (i.e. sell) in order to pay administrative expenses, debts and estate taxes as opposed to waiting for the probate process to conclude.
  • Assists in avoiding a risk of having lost or destroyed original documents. (An original Will needs to be probated and no original copies can be made. With a trust, multiple copies can be made (and all be valid)).
  • Allows creators of the trust (Grantors) to name unrelated and out of state individuals and/or entities to serve as main administrators of assets at the death of Grantors (without a proper trust some states prohibit this valuable benefit)
  • May eliminate a need to re-title, re-register or transfer assets at death of creator, when trust is drafted to continue seamlessly after death, as opposed to a Will, in which case assets must be re-titled in the names of beneficiaries, which causes additional expenses and time to be incurred by beneficiaries).

Part II:

  • Creators of the trust (Grantors) are in full control over assets in the trust and can remove assets from the trust at any time without needing anyone's permission.
  • Creators of the trust (Grantors) can appoint new/different trustees at any time
  • Creators of the trust (Grantors) can cancel the trust at any time and receive all trust assets back
  • Creators of the trust (Grantors) can receive any and all principal from the trust at any time.

Melnik Comprehensive Trust™

All same benefits from Part I above, plus:

  • Can assist creators of the trust (Grantors) in protecting their assets from creditors
  • Can assist Creators of the trust (Grantors) with Medicaid planning (becoming eligible for long term care expenses to be paid by the government)
  • Creators of the Trust can cancel the trust with a permission of beneficiaries/trustees and receive all assets back from the trust.
Rockefeller Center 7th floor 1230 Ave. of the Americas New York, NY 10020
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation it is Attorney Advertising. Prior results do not guarantee a similar outcome. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
Melnik Law Group, PLLC - New York City Estate Planning Attorney
Located at One Rockefeller Plaza, 10th Floor New York, NY 10020. View Map
Phone: (800) 517-5110