How to Choose a Trustee for Your New York Trust
To choose a trustee for your New York trust, identify a person or institution who is trustworthy, organized, financially competent, and willing to serve, then weigh that candidate against the time and cost of administration, the type of trust you have, and the fiduciary duties New York law will impose on them. Under New York’s […]
How to Fund a Trust in New York (and Why It Matters)
To fund a trust in New York, you legally transfer ownership of your assets out of your individual name and into the name of your trust — retitling bank accounts, brokerage accounts, real estate, and business interests, and updating beneficiary designations on accounts that pass by contract. This step matters enormously: a signed trust document […]
Irrevocable Trusts and the Medicaid 5-Year Look-Back in NY
An irrevocable trust is one of the most reliable tools for protecting your home and savings from the cost of long-term nursing care, but in New York it only works if you plan early enough to clear the Medicaid 5-year look-back. When you transfer assets into a properly drafted irrevocable trust, those assets are generally […]
Trust vs. Will in New York: The Key Differences
The single biggest difference between a trust and a will in New York comes down to one word: probate. A will must pass through New York’s Surrogate’s Court before it can distribute anything, a public process that commonly takes many months and generates court fees and legal costs along the way. A properly funded trust […]
What Is a Special Needs Trust in New York? (EPTL 7-1.12)
A special needs trust (also called a supplemental needs trust, or SNT) in New York is a legal arrangement, authorized by EPTL 7-1.12, that holds money or property for the benefit of a person with a disability without disqualifying that person from means-tested government benefits such as Medicaid and Supplemental Security Income (SSI). Because the […]
Does a Living Trust Avoid Probate in New York?
Yes. A properly drafted and fully funded revocable living trust avoids probate in New York. When you transfer your assets into the trust during your lifetime, those assets are no longer owned by you as an individual at death — they are owned by your trust. Because there is nothing held in your sole name […]