Firm Helps Former Fashion Designer Establish Charitable Bequest

Attorney Arthur C. Weinshank has helped a former fashion designer and model support her local hospital through a charitable remainder unitrust. Lorraine Budny had approached Attorney Weinshank for guidance on how to best support to New Milford Hospital.

Attorney Weinshank recommended that Budny, who died in 2011, establish a charitable remainder unitrust because it distributes a fixed percentage of the value of its assets to the individual for life, in addition to offering immediate income tax deduction and other benefits.

“It was a great win-win situation for Mrs. Budny, who wanted to ensure that she has steady income, but also generously support New Milford Hospital,” he said. The hospital recently received a gift from Budny’s charitable trust.