A special needs trust in New York — also called a supplemental needs trust, or SNT — is a trust authorized by EPTL 7-1.12 that holds assets 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 funds are held and controlled by
The key difference between a trust and a will in New York comes down to probate, privacy, and control during your lifetime. A will is a public document that takes effect only after death and must be filed and proven in the Surrogate’s Court before any asset can be distributed. A trust, by contrast, is a private arrangement that can
If you are choosing between a revocable and an irrevocable trust in New York, the short answer is this: a revocable living trust is the right tool when your primary goals are avoiding probate, protecting your privacy, and planning for incapacity while keeping full control of your assets; an irrevocable trust is the right tool when you need genuine estate-tax
An irrevocable trust is one of the most powerful tools New Yorkers have for protecting assets from long-term care costs — but only if it is funded at least five years before you apply for institutional (nursing home) Medicaid. That five-year window is the “look-back” period: when you transfer assets into a properly drafted irrevocable trust, the state reviews the
To fund a trust in New York, you must legally transfer ownership of your assets out of your own name and into the name of your trust by retitling deeds, accounts, and beneficiary designations so the trust becomes the new owner. A trust document, no matter how carefully drafted under New York’s Estates, Powers and Trusts Law (EPTL) Article 7,
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 owned by the trust rather than by you personally. At your death, the assets pass directly to your beneficiaries under the terms of the trust, with no need for the Surrogate’s
A New York QDOT trust preserves the marital deduction when one spouse is not a U.S. citizen. Here is a practical checklist of the next steps to take.