The issue of how best to protect the assets of U.S. citizens who were both Survivors of the Holocaust and who have received financial compensation, because they were victims of Nazi persecution, is very complex, sometimes leading to confusion and misunderstandings. As attorneys with years of experience in this area of restitution law, we believe that the best way for victims of Nazi persecution to protect their assets for themselves and their heirs is through the establishment of Victim of Nazi Persecution Restitution Trust ® .
Some individuals, firms and organizations sometimes recommend joint or separate bank accounts and irrevocable trusts as means of protecting these special assets. However, such suggestions do not offer the full range of protection as does the Victim of Nazi Persecution Restitution Trust®. Separate or joint bank accounts offer minimal protection to restitution recipients. An irrevocable trust, on the other hand, while offering substantial asset protection, fails to offer several of the most appealing points offered by Victim of Nazi Persecution Restitution Trust ®. These include the Grantor’s continuous control of his or her assets, the ability to modify or even fully revoke the Victim of Nazi Persecution Restitution Trust ® which is precluded if an irrevocable trust is established.
Based on years of experience with hundreds of clients, we reiterate that the type of asset protection provided by a Victim of Nazi Persecution Restitution Trust ® is more comprehensive, more flexible, and more secure than that offered by any other option.
Creation of Victims of Nazi Persecution Restitution Trusts ®
- allows eligible persons to receive U.S. Governmental assistance for medical benefits (i.e. Medicaid), without “spending down” assets to poverty levels as normally required;
- allows the complicated and time-consuming task of preparing a restitution payment history to be completed BEFORE the time constraints of a Medicaid application begin; and
- allows currently held assets to be recognized as restitution payments in the eyes of the Centers for Medicare & Medicaid Services (“CMS”)
Advantages of Victims of Nazi Persecution Restitution Trusts ®
- Provides Medicaid exemption for multiple assets.
- Unifies assets under one entity.
- Allows Grantor to maintain control of disposition of assets.
- Allows client to retain assets in his or her individual name.
- Provides flexibility due to its revocability.
- Provides directions for asset management in the event of incapacity without the necessity of a guardianship proceeding.
- Eliminates burden on spouse or next-of- kin to guess Grantor’s intent in the event of incapacity.
- Empowers family members to take action on behalf of the Grantor, since assets remain under Grantor’s control.
- Simplifies distribution of such assets to multiple beneficiaries.
Please call (212) 307-1499 to speak to our Holocaust restitution attorneys today.