A Special Needs Trust (SNT) in New York is a legal arrangement that lets you set aside money and property for a loved one with a disability without disqualifying them from means-tested government benefits such as Medicaid and Supplemental Security Income (SSI). Authorized under New York Estates, Powers and Trusts Law (EPTL) § 7-1.12, the trust holds the assets on
If you are just starting to think about your estate plan, here is the short answer: in New York, a will is a document that takes effect only after you die and must go through probate in the Surrogate’s Court (a public process), while a trust is a legal arrangement that can take effect during your lifetime, can avoid probate,
If you are choosing between a revocable and an irrevocable trust in New York, here is the short, reassuring answer: most families who simply want to avoid probate, keep their affairs private, and plan for possible incapacity are best served by a revocable living trust, because the grantor keeps full control and can change or cancel it at any time.
If you are reading this because someone mentioned a “five-year look-back” and you have no idea what it means, take a breath. Here is the short answer: in New York, an irrevocable trust is a legal arrangement you generally cannot change after you create it, and it is one of the main tools families use to protect a home or
To fund a trust in New York, you transfer ownership of your assets — your home, bank and brokerage accounts, business interests, and certain beneficiary designations — out of your individual name and into the name of your trust. Signing the trust document is only the first half of the job; funding is the half that actually makes the trust
Yes. A properly created and fully funded revocable living trust does avoid 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. Because the trust does not “die” when you do, there is nothing for the Surrogate’s Court to probate, and your named