Preview
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
ROSE RANIERI IRREVOCABLE TRUST
June 29, 2021
LAW OFFICES
SOMEKH & ASSOCIATES, PLLC
247-67 JERICHO TURNPIKE
BELLEROSE, NEW YORK 11426
(718) 740 3300
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
Rose Ranieri Irrevocable Trust
Table of Contents
Article One Establishing the Trust .................................................. 1
Section 1.01 Identifying the Trust..................................................................1
Section 1.02 Third-Party Reliance on Allidavit or Certification of
Trust...........................................................................................1
Section 1.03 An Irrevocable Trust..................................................................1
Section 1.04 Transfers to the Trust.................................................................1
Section 1.05 Statement of Grantor's Intent.....................................................2
Section 1.06 Family InIbrmation....................................................................2
Section 1.07 The Other Lifetime Beneticiary.................................................2
Article Two Trustee Succession and Trust Protector
Provisions...................................................................... 3
Section 2.01 Trustee Succession.....................................................................3
Section 2.02 Resignation of a Trustee............................................................3
Section 2.03 Removal and Replacement of Trustees......................................3
Section 2.04 Notice of Removal and Appointment ........................................4
Section 2.05 Prohibition Agai nst SNT Beneficiary Serving as
Trustee........................................................................................5
Section 2.06 Appointment of a Cotrustee.......................................................5
Section 2.07 Corporate Fiduciaries.................................................................5
Section 2.08 Appointment of Independent Special Trustee............................5
Section 2.09 Rights and Obligations of Successor Trustees...........................5
Section 2.10 Provisions for Trust Protector....................................................6
Article Three Administration While Grantor is Living....................... 9
Section 3.01 Contributions Held in a Single Trust.........................................9
Section 3.02 Administration Upon Grantor's Death.....................................11
Article Four Specific Distributions and Tangible Personal
Property ....................................................................... 11
Section 4.01 I Instruct My Trustee That Upon My Death, Each of
My Children Shall Be OtYered One Piece of Artwork of
Their Choice. The Offers Should Be Made Starting
With the Oldest Down To the Youngest . The Balance
Shall Be Sold and the Proceeds Shall Be Divided In
Article 5...................................................................................1I
Section 4.02 Distribution of Tangible Personal Property by
Memorand um ...........................................................................12
Section 4.03 Distribution of Remaining Tangible Personal Property...........12
Section 4.04 Definition of Tangible Personal Property................................12
i
Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY 11426 (718) 740-3300
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
Section 4.05 Ademption................................................................................12
Section 4.06 Incidental Expenses and Encumbrances..................................13
Article Five Administration of Remaining Trust Property ........... 13
Section 5.01 Funding Shares on a Non-Pro Rata Basis...............................13
Article Six Remote Contingent Distribution................................ 14
Article Seven Supplemental Needs Trust......................................... 14
Section 7.01 Distributions of hicome and Principal.....................................14
Section 7.02 Objective to Promote Independence of Beneficiary................15
Section 7.03 Not Available Resource to Beneficiary ...................................15
Section 7.04 Distribution Guidelines............................................................16
Section 7.05 No Seeking of Order to Distribute...........................................17
Section 7.06 Indemnification of Trustee When Acting in Good Faith.........17
Section 7.07 Distribution Upon the Death of Beneficiary ............................17
Section 7.08 Prohibition Against Beneficiary Serving as Trustee................17
Section 7.09 Limitation on Power to Remove and Replace Trustee............17
Section 7.10 No General Power of Appointment.........................................17
Section 7.11 Application of Article..............................................................18
Article Eight Administration of Trusts for Underage and
Incapacitated Beneficiaries........................................ 18
Section 8.01 Distributions for Underage and Incapacitated
Beneficiaries ............................................................................18
Section 8.02 Methods of Distribution...........................................................18
Article Nine Trust Administration................................................... 19
Section 9.01 Distributions to Beneficiaries ..................................................19
Section 9.02 No Court Proceedings..............................................................19
Section 9.03 No Bond...................................................................................19
Section 9.04 Exoneration of The Trustee......................................................20
Section 9.05 Trustee Compensation .............................................................20
Section 9.06 Employment of Professionals..................................................21
Section 9.07 Collection of Proceeds Upon the Death of an Insured.............21
Section 9.08 Insurance Carrier Protected in Dealing with the Trustee.........22
Section 9.09 Exercise of Testamentary Power of Appointment ...................22
Section 9.10 Determination of Principal and Income...................................22
Section 9.1I Trust Accounting.....................................................................22
Section 9.12 Action of Cotrustees ................................................................23
Section 9.13 Trustee Authority to Disclaim or Release Powers...................24
Section 9.14 Delegation of Trustee Authority; Power of Attorney ..............24
Section 9.15 Additions to Separate Trusts ....................................................24
Section 9.16 Authority to Merge or Sever Trusts.........................................24
ii
Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY I1426 (718) 740-3300
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
Section 9.17 Merger of Corporate Fiduciary................................................25
Section 9.18 Beneficiary's Status.................................................................25
Section 9.19 Discharge of Third Persons......................................................25
Section 9.20 Certificate by Trustee...............................................................25
Section 9.21 Funeral and Other Expenses of ............................25
Beneficiary
Section 9.22 Generation-Skipping Transfer Tax Provisions ........................26
Section 9.23 Grantor Trust Provisions..........................................................27
Article Ten The Trustee's Powers................................................. 27
Section 10.01 Introduction to Trustee's Powers.............................................27
Section 10.02 Power to Appoint in Further Trust (Trust Decanting).............28
Section 10.03 Execution of Documents the Trustee..................................29
by
Section 10.04 Investment Powers in General.................................................29
Section 10.05 Banking Powem.......................................................................29
Section 10.06 Business Powers.......................................................................29
Section 10.07 Contract Powers.......................................................................30
Section 10.08 Common Investments ..............................................................30
Section 10.09 Environmental Powers.............................................................30
Section 10.10 Insurance Powers.....................................................................31
Section 10.1 I Powers ...................................................................32
Borrowing
Section 10.12 Powers.......................................................................32
Lending
Section 10.13 Nominee Powers......................................................................32
Section 10.14 Oil, Gas, and Mineral Interests................................................32
Section 10.15 Online Accounts, Digital Assets, and Digital Devices............33
Section 10.16 Payment of Taxes and Expenses..............................................33
Section 10.17 Purchase of Assets from and Loans to the Probate
Estate........................................................................................33
Section 10.18 Qualified Tuition Progmms.....................................................34
Section 10.19 Real Estate Powers...................................................................34
Section 10.20 Residences and Tangible Personal Property............................35
Section 10.21 Retention and Abandonment of Trust Property.......................35
Section 10.22 Securities, Brokemge, and Margin Powers..............................35
Section 10.23 Litigation and Settlement Powers............................................36
Section 10.24 Limitation on the Trustee's Powers.........................................36
Article Eleven General Provisions ..................................................... 38
Section 11.01 Maximum Term lor Trusts.......................................................38
Section I 1.02 Spendthrill Provision...............................................................38
Section I1.03 Contest Provision.....................................................................38
Section 11.04 Presumption........................................................38
Survivorship
Section 11.05 the Law and Situs of
Changing Governing
Administration.........................................................................39
Section 11.06 Definitions................................................................................39
Section 11.07 General Provisions and Rules of Construction........................45
iii
Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY 11426 (718) 740-3300
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
Rose Ranieri Irrevocable Trust
Article One
Establishing the Trust
The date ofthis Irrevocable Trust Agreement is June 29, 2021. The parties to the agreement
are Rose Ranieri (the "Grantor") and Michelle Ranieri Corona (the "Trustee").
Section 1.01 Identifying the Trust
Trust."
The trust is called the "Rose Ranieri Irrevocable However, the lbilowing Ibnnat
should be used for taking title to assets: "Michelle Ranieri Corona, Trustee of the Rose
202I."
Ranieri Irrevocabic Trust dated June 29,
For the purpose of transferring property to the trust or identifying the trust in any
beneficiary or pay-on-death designation, any description referring to the trust is effective
if it reasonably identifies the trust.
Section 1.02 Third-Party Reliance on Affidavit or Certification of Trust
The Trustee may provide an affidavit or certification of trust to third parties in lieu of
providing a copy of this agreement. Third parties are exonerated from any liability for acts
or omissions in reliance on the allidavit or certification oftrust, and for the application that
the Trustee makes of funds or other property delivered to the Trustee.
Section 1.03 An Irrevocable Trust
This trust is irrevocable, and Grantor may not alter, amend, revoke, or terminate it in any
way.
Section 1.04 Transfers to the Trust
Grantor transfers to the Trustee the property listed in Schedule A, attached to this
agreement, to be held on the terms and conditions set forth in this instrument. Grantor
retains no right, title, or interest in the principal of this trust or any other incident of
ownership in any trust property.
(a) Trustee Acceptance
By execution of this agreement, the Trustee accepts and agrees to hold the
trust property described on Schedule A. All property, including life
insurance policies, transferred to the trust after the date of this agreement
must be acceptable to the Trustee. The Trustee may refuse to accept any
property. The Trustee shall hold, administer, and dispose of all trust
property accepted by the Trustee tor the benefit of the beneficiaries in
accordance with the tenns of this agreement.
1
Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY I 1426 (718) 740-3300
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
(b) No Distributions of Principal
The Trustee shall have no right, power, privilege, or to invade or
authority
distribute principal of the trust to or for Grantor's benefit, under any
circumstances.
Section 1.05 Statement of Grantor's Intent
Grantor is creating this trust as part of her estate plan to ensure efficient management,
administration, and protection of the trust assets for her beneficiaries.
It is Grantor's express intent that the principal of this intst will not be available to Grantor
for any purpose, including Medicaid. An Independent Trustee amend this trust to
may
more fully comply with Grantor's stated intent.
In order to maximize the benefit to the trust beneficiaries, Grantor gives the Trustee broad
discretion with respect to the management, distribution, and investment of assets in the
trust. The objective is that the assets in this trust will not be subject to the claims of any
bencticiary's creditors.
All provisions of this agreement shall be construed so as to accomplish Grantor's
objectives. Any beneficiary has the right at any time to release, renounce, or disclaim any
right, power, or interest that might be construed or deemed to defeat Grantor's objectives.
Section 1.06 Family Information
(a) Marital Status
Grantor is widowed.
(b) Grantor's Children and Descendants
Grantor has five children: Felicia Eckhard, Michelle Ranieri Corona,
Anthony Ranieri, Celeste Hendrickson, and Paul Ranieri. No provision
is made herein tor my son, Paul Ranieri because he has received his
inheritance in transfers during his life time.
descendants"
References to "Grantor's are to Grantor's other four children
and their descendants.
Section 1.07 The Other Lifetime Beneficiary
While Grantor is living, she is the only beneficiary of trust income. Further, while Grantor
is living, Michelle Ranieri Corona is the only of trust principal (the "Other
beneficiary
Lifetime Beneficiary").
Beneficiary"
In this agreement, "Other Lifetime refers to Michelle Ranieri Corona,
only
and does not include Grantor. As specified in Section 1.04(b) above, under no
circumstances may the Trustee invade or distribute trust principal to or f or Grantor's
benefit.
The distribution provisions for income and principal are specified in Article Three.
2
Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY 11426 (718) 740-3300
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
Article Two
Trustee Succession and Trust Protector Provisions
Section 2.01 Trustee Succession
This Section govems the succession of the Trustees.
(a) Grantor May Not Serve as Trustee
Notwithstanding any provision of this agreement to the contrary, under no
circumstances may Grantor serve as Trustee at any time.
(b) Trustee Succession
Grantor appoints Michelle Ranieri Corona to serve as Trustee of the trust
and over any separate trust created under this agreement where the Trustee
is not otherwise specified.
Upon creation of other, Grantor appoints Celeste Hendrickson to serve as
Trustee of the trust.
(c) Trustees of the Separate Trusts
Upon the creation of a separate trust lbr a beneficiary under Article Five,
the primary beneficiary ofa separate trust, upon attaining the age of 21, may
appoint himself or hersel f as a Cotrustee of his or her separate trust and may
serve as the sole Trustee of the trust.
If the interest of a beneficiary will be merged into a life estate or an estate
lbr years because the beneficiary is serving as sole Trustee, the beneficiary
shall appoint a Cotrustee to avoid such merger. Similarly, if the interest of
a beneficiary becomes, or is likely to become, subject to the claims of any
creditor or to legal process as a result of serving as sole Trustee, the
beneficiary shall appoint an Independent Trustee to serve as Cotrustee.
Section 2.02 Resignation of a Trustee
A Trustee may resign by giving written notice to Grantor. If Grantor is deceased, a
resigning Trustee will give written notice to the income beneficiaries of the trust and to any
other Trustee then serving.
Section 2.03 Removal and Replacement of Trustees
(a) Removal and Replacement by Grantor
Grantor may remove any Trustee, with or without cause, and appoint an
individual or corporate successor Trustee (other than Grantor).
(b) Removal and Replacement by Beneficiaries
After Grantor's death, or during any period oftime Grantor is incapacitated,
the income beneficiaries of any trust created under this agreement may
3
Somekh & Associates, PLLC, 247-67 Jericho Tumpike, Bellerose, NY 11426 (718) 740-3300
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024
remove a Trustee orthe trust at any time, with or without cause, by majority
decision.
In addition, if the income beneficiaries remove a Trustee, they may also. by
majority decision, appoint a replacement Trustee that is an individual or
corporate fiduciary.
The right to remove a Trustee under this subsection will not be deemed to
grant to the person holding that right any of the powers of that Trustee.
If a beneficiary is a minor or is incapacitated, the parent or legal
representative of the beneficiary, other than Grantor, may act on behalf of
the beneficiary.
(c) Default of Designation and Appointment of Trustee
If the office of Trustee of a trust created under this agreement is vacant and
all designated successor Trustees tiiil to act, Grantor must appoint an
individual or corporate successor Trustee (other than Gmntor).
If Grantor is incapacitated or deceased, the Trust Protector may appoint an
individual or corporate successor Trustee.
If the Trust Protector fails to act, the primary beneficiary may appoint a
successor Trustee that is an individual or corporate fiduciary.
In the case of a minor or incapacitated heneficiary, the parent or legal
representative of such beneficiary, other
Preview
FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 ROSE RANIERI IRREVOCABLE TRUST June 29, 2021 LAW OFFICES SOMEKH & ASSOCIATES, PLLC 247-67 JERICHO TURNPIKE BELLEROSE, NEW YORK 11426 (718) 740 3300 FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 Rose Ranieri Irrevocable Trust Table of Contents Article One Establishing the Trust .................................................. 1 Section 1.01 Identifying the Trust..................................................................1 Section 1.02 Third-Party Reliance on Allidavit or Certification of Trust...........................................................................................1 Section 1.03 An Irrevocable Trust..................................................................1 Section 1.04 Transfers to the Trust.................................................................1 Section 1.05 Statement of Grantor's Intent.....................................................2 Section 1.06 Family InIbrmation....................................................................2 Section 1.07 The Other Lifetime Beneticiary.................................................2 Article Two Trustee Succession and Trust Protector Provisions...................................................................... 3 Section 2.01 Trustee Succession.....................................................................3 Section 2.02 Resignation of a Trustee............................................................3 Section 2.03 Removal and Replacement of Trustees......................................3 Section 2.04 Notice of Removal and Appointment ........................................4 Section 2.05 Prohibition Agai nst SNT Beneficiary Serving as Trustee........................................................................................5 Section 2.06 Appointment of a Cotrustee.......................................................5 Section 2.07 Corporate Fiduciaries.................................................................5 Section 2.08 Appointment of Independent Special Trustee............................5 Section 2.09 Rights and Obligations of Successor Trustees...........................5 Section 2.10 Provisions for Trust Protector....................................................6 Article Three Administration While Grantor is Living....................... 9 Section 3.01 Contributions Held in a Single Trust.........................................9 Section 3.02 Administration Upon Grantor's Death.....................................11 Article Four Specific Distributions and Tangible Personal Property ....................................................................... 11 Section 4.01 I Instruct My Trustee That Upon My Death, Each of My Children Shall Be OtYered One Piece of Artwork of Their Choice. The Offers Should Be Made Starting With the Oldest Down To the Youngest . The Balance Shall Be Sold and the Proceeds Shall Be Divided In Article 5...................................................................................1I Section 4.02 Distribution of Tangible Personal Property by Memorand um ...........................................................................12 Section 4.03 Distribution of Remaining Tangible Personal Property...........12 Section 4.04 Definition of Tangible Personal Property................................12 i Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY 11426 (718) 740-3300 FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 Section 4.05 Ademption................................................................................12 Section 4.06 Incidental Expenses and Encumbrances..................................13 Article Five Administration of Remaining Trust Property ........... 13 Section 5.01 Funding Shares on a Non-Pro Rata Basis...............................13 Article Six Remote Contingent Distribution................................ 14 Article Seven Supplemental Needs Trust......................................... 14 Section 7.01 Distributions of hicome and Principal.....................................14 Section 7.02 Objective to Promote Independence of Beneficiary................15 Section 7.03 Not Available Resource to Beneficiary ...................................15 Section 7.04 Distribution Guidelines............................................................16 Section 7.05 No Seeking of Order to Distribute...........................................17 Section 7.06 Indemnification of Trustee When Acting in Good Faith.........17 Section 7.07 Distribution Upon the Death of Beneficiary ............................17 Section 7.08 Prohibition Against Beneficiary Serving as Trustee................17 Section 7.09 Limitation on Power to Remove and Replace Trustee............17 Section 7.10 No General Power of Appointment.........................................17 Section 7.11 Application of Article..............................................................18 Article Eight Administration of Trusts for Underage and Incapacitated Beneficiaries........................................ 18 Section 8.01 Distributions for Underage and Incapacitated Beneficiaries ............................................................................18 Section 8.02 Methods of Distribution...........................................................18 Article Nine Trust Administration................................................... 19 Section 9.01 Distributions to Beneficiaries ..................................................19 Section 9.02 No Court Proceedings..............................................................19 Section 9.03 No Bond...................................................................................19 Section 9.04 Exoneration of The Trustee......................................................20 Section 9.05 Trustee Compensation .............................................................20 Section 9.06 Employment of Professionals..................................................21 Section 9.07 Collection of Proceeds Upon the Death of an Insured.............21 Section 9.08 Insurance Carrier Protected in Dealing with the Trustee.........22 Section 9.09 Exercise of Testamentary Power of Appointment ...................22 Section 9.10 Determination of Principal and Income...................................22 Section 9.1I Trust Accounting.....................................................................22 Section 9.12 Action of Cotrustees ................................................................23 Section 9.13 Trustee Authority to Disclaim or Release Powers...................24 Section 9.14 Delegation of Trustee Authority; Power of Attorney ..............24 Section 9.15 Additions to Separate Trusts ....................................................24 Section 9.16 Authority to Merge or Sever Trusts.........................................24 ii Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY I1426 (718) 740-3300 FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 Section 9.17 Merger of Corporate Fiduciary................................................25 Section 9.18 Beneficiary's Status.................................................................25 Section 9.19 Discharge of Third Persons......................................................25 Section 9.20 Certificate by Trustee...............................................................25 Section 9.21 Funeral and Other Expenses of ............................25 Beneficiary Section 9.22 Generation-Skipping Transfer Tax Provisions ........................26 Section 9.23 Grantor Trust Provisions..........................................................27 Article Ten The Trustee's Powers................................................. 27 Section 10.01 Introduction to Trustee's Powers.............................................27 Section 10.02 Power to Appoint in Further Trust (Trust Decanting).............28 Section 10.03 Execution of Documents the Trustee..................................29 by Section 10.04 Investment Powers in General.................................................29 Section 10.05 Banking Powem.......................................................................29 Section 10.06 Business Powers.......................................................................29 Section 10.07 Contract Powers.......................................................................30 Section 10.08 Common Investments ..............................................................30 Section 10.09 Environmental Powers.............................................................30 Section 10.10 Insurance Powers.....................................................................31 Section 10.1 I Powers ...................................................................32 Borrowing Section 10.12 Powers.......................................................................32 Lending Section 10.13 Nominee Powers......................................................................32 Section 10.14 Oil, Gas, and Mineral Interests................................................32 Section 10.15 Online Accounts, Digital Assets, and Digital Devices............33 Section 10.16 Payment of Taxes and Expenses..............................................33 Section 10.17 Purchase of Assets from and Loans to the Probate Estate........................................................................................33 Section 10.18 Qualified Tuition Progmms.....................................................34 Section 10.19 Real Estate Powers...................................................................34 Section 10.20 Residences and Tangible Personal Property............................35 Section 10.21 Retention and Abandonment of Trust Property.......................35 Section 10.22 Securities, Brokemge, and Margin Powers..............................35 Section 10.23 Litigation and Settlement Powers............................................36 Section 10.24 Limitation on the Trustee's Powers.........................................36 Article Eleven General Provisions ..................................................... 38 Section 11.01 Maximum Term lor Trusts.......................................................38 Section I 1.02 Spendthrill Provision...............................................................38 Section I1.03 Contest Provision.....................................................................38 Section 11.04 Presumption........................................................38 Survivorship Section 11.05 the Law and Situs of Changing Governing Administration.........................................................................39 Section 11.06 Definitions................................................................................39 Section 11.07 General Provisions and Rules of Construction........................45 iii Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY 11426 (718) 740-3300 FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 Rose Ranieri Irrevocable Trust Article One Establishing the Trust The date ofthis Irrevocable Trust Agreement is June 29, 2021. The parties to the agreement are Rose Ranieri (the "Grantor") and Michelle Ranieri Corona (the "Trustee"). Section 1.01 Identifying the Trust Trust." The trust is called the "Rose Ranieri Irrevocable However, the lbilowing Ibnnat should be used for taking title to assets: "Michelle Ranieri Corona, Trustee of the Rose 202I." Ranieri Irrevocabic Trust dated June 29, For the purpose of transferring property to the trust or identifying the trust in any beneficiary or pay-on-death designation, any description referring to the trust is effective if it reasonably identifies the trust. Section 1.02 Third-Party Reliance on Affidavit or Certification of Trust The Trustee may provide an affidavit or certification of trust to third parties in lieu of providing a copy of this agreement. Third parties are exonerated from any liability for acts or omissions in reliance on the allidavit or certification oftrust, and for the application that the Trustee makes of funds or other property delivered to the Trustee. Section 1.03 An Irrevocable Trust This trust is irrevocable, and Grantor may not alter, amend, revoke, or terminate it in any way. Section 1.04 Transfers to the Trust Grantor transfers to the Trustee the property listed in Schedule A, attached to this agreement, to be held on the terms and conditions set forth in this instrument. Grantor retains no right, title, or interest in the principal of this trust or any other incident of ownership in any trust property. (a) Trustee Acceptance By execution of this agreement, the Trustee accepts and agrees to hold the trust property described on Schedule A. All property, including life insurance policies, transferred to the trust after the date of this agreement must be acceptable to the Trustee. The Trustee may refuse to accept any property. The Trustee shall hold, administer, and dispose of all trust property accepted by the Trustee tor the benefit of the beneficiaries in accordance with the tenns of this agreement. 1 Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY I 1426 (718) 740-3300 FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 (b) No Distributions of Principal The Trustee shall have no right, power, privilege, or to invade or authority distribute principal of the trust to or for Grantor's benefit, under any circumstances. Section 1.05 Statement of Grantor's Intent Grantor is creating this trust as part of her estate plan to ensure efficient management, administration, and protection of the trust assets for her beneficiaries. It is Grantor's express intent that the principal of this intst will not be available to Grantor for any purpose, including Medicaid. An Independent Trustee amend this trust to may more fully comply with Grantor's stated intent. In order to maximize the benefit to the trust beneficiaries, Grantor gives the Trustee broad discretion with respect to the management, distribution, and investment of assets in the trust. The objective is that the assets in this trust will not be subject to the claims of any bencticiary's creditors. All provisions of this agreement shall be construed so as to accomplish Grantor's objectives. Any beneficiary has the right at any time to release, renounce, or disclaim any right, power, or interest that might be construed or deemed to defeat Grantor's objectives. Section 1.06 Family Information (a) Marital Status Grantor is widowed. (b) Grantor's Children and Descendants Grantor has five children: Felicia Eckhard, Michelle Ranieri Corona, Anthony Ranieri, Celeste Hendrickson, and Paul Ranieri. No provision is made herein tor my son, Paul Ranieri because he has received his inheritance in transfers during his life time. descendants" References to "Grantor's are to Grantor's other four children and their descendants. Section 1.07 The Other Lifetime Beneficiary While Grantor is living, she is the only beneficiary of trust income. Further, while Grantor is living, Michelle Ranieri Corona is the only of trust principal (the "Other beneficiary Lifetime Beneficiary"). Beneficiary" In this agreement, "Other Lifetime refers to Michelle Ranieri Corona, only and does not include Grantor. As specified in Section 1.04(b) above, under no circumstances may the Trustee invade or distribute trust principal to or f or Grantor's benefit. The distribution provisions for income and principal are specified in Article Three. 2 Somekh & Associates, PLLC, 247-67 Jericho Turnpike, Bellerose, NY 11426 (718) 740-3300 FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 Article Two Trustee Succession and Trust Protector Provisions Section 2.01 Trustee Succession This Section govems the succession of the Trustees. (a) Grantor May Not Serve as Trustee Notwithstanding any provision of this agreement to the contrary, under no circumstances may Grantor serve as Trustee at any time. (b) Trustee Succession Grantor appoints Michelle Ranieri Corona to serve as Trustee of the trust and over any separate trust created under this agreement where the Trustee is not otherwise specified. Upon creation of other, Grantor appoints Celeste Hendrickson to serve as Trustee of the trust. (c) Trustees of the Separate Trusts Upon the creation of a separate trust lbr a beneficiary under Article Five, the primary beneficiary ofa separate trust, upon attaining the age of 21, may appoint himself or hersel f as a Cotrustee of his or her separate trust and may serve as the sole Trustee of the trust. If the interest of a beneficiary will be merged into a life estate or an estate lbr years because the beneficiary is serving as sole Trustee, the beneficiary shall appoint a Cotrustee to avoid such merger. Similarly, if the interest of a beneficiary becomes, or is likely to become, subject to the claims of any creditor or to legal process as a result of serving as sole Trustee, the beneficiary shall appoint an Independent Trustee to serve as Cotrustee. Section 2.02 Resignation of a Trustee A Trustee may resign by giving written notice to Grantor. If Grantor is deceased, a resigning Trustee will give written notice to the income beneficiaries of the trust and to any other Trustee then serving. Section 2.03 Removal and Replacement of Trustees (a) Removal and Replacement by Grantor Grantor may remove any Trustee, with or without cause, and appoint an individual or corporate successor Trustee (other than Grantor). (b) Removal and Replacement by Beneficiaries After Grantor's death, or during any period oftime Grantor is incapacitated, the income beneficiaries of any trust created under this agreement may 3 Somekh & Associates, PLLC, 247-67 Jericho Tumpike, Bellerose, NY 11426 (718) 740-3300 FILED: NASSAU COUNTY CLERK 02/26/2024 03:15 AM INDEX NO. 603373/2024 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/26/2024 remove a Trustee orthe trust at any time, with or without cause, by majority decision. In addition, if the income beneficiaries remove a Trustee, they may also. by majority decision, appoint a replacement Trustee that is an individual or corporate fiduciary. The right to remove a Trustee under this subsection will not be deemed to grant to the person holding that right any of the powers of that Trustee. If a beneficiary is a minor or is incapacitated, the parent or legal representative of the beneficiary, other than Grantor, may act on behalf of the beneficiary. (c) Default of Designation and Appointment of Trustee If the office of Trustee of a trust created under this agreement is vacant and all designated successor Trustees tiiil to act, Grantor must appoint an individual or corporate successor Trustee (other than Gmntor). If Grantor is incapacitated or deceased, the Trust Protector may appoint an individual or corporate successor Trustee. If the Trust Protector fails to act, the primary beneficiary may appoint a successor Trustee that is an individual or corporate fiduciary. In the case of a minor or incapacitated heneficiary, the parent or legal representative of such beneficiary, other