A special needs trust (also called a supplemental needs trust, or SNT) is a New York trust authorized by EPTL 7-1.12 that holds assets for 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 a trustee — not owned outright
A trustee is the person or institution legally responsible for managing the assets held in a trust for the benefit of someone else. In plain terms, the trustee holds and invests trust property, follows the instructions in the trust document, and answers to the beneficiaries. Under New York’s Estates, Powers and Trusts Law (EPTL) Article 7, a trustee is a
The key difference between a trust and a will in New York is what happens to your estate after you die: a will must be filed and probated in the Surrogate’s Court as a public proceeding, while a properly funded trust avoids probate entirely and stays private. Both documents direct who receives your assets, but they operate on opposite mechanics.
If you are asking whether an irrevocable trust can protect your home and savings from nursing-home costs in New York, the short answer is yes — but only if you plan early enough to clear the five-year look-back. When you apply for institutional (nursing-home) Medicaid, the agency reviews the prior 60 months of financial records for any uncompensated transfers, including
To choose a trustee for your New York trust, weigh three core options against one another — a trusted family member or friend, a professional individual fiduciary (such as an attorney or accountant), or a corporate trustee (a bank or trust company) — and select the one whose blend of trustworthiness, financial competence, impartiality, and longevity best fits the type
Yes. Properly drafted and funded, an irrevocable trust can save New York estate tax because assets transferred into it are generally removed from your taxable estate. This is the single most important difference between an irrevocable trust and the more familiar revocable living trust: a revocable trust does not save estate tax, because you keep control of the assets and