Trusts & Estate Planning — New York State

What Is a Special Needs Trust in New York? (EPTL 7-1.12)

Fri, 19 Jun 2026 01:11:00 +0000

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 […]

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What Does a Trustee Do? Fiduciary Duties Under New York Law

Fri, 19 Jun 2026 01:11:00 +0000

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 […]

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Trust vs. Will in New York: The Key Differences

Fri, 19 Jun 2026 01:11:00 +0000

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 […]

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Irrevocable Trusts and the Medicaid 5-Year Look-Back in NY

Fri, 19 Jun 2026 01:11:00 +0000

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 […]

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How to Choose a Trustee for Your New York Trust

Fri, 19 Jun 2026 01:11:00 +0000

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 […]

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Do Irrevocable Trusts Save New York Estate Tax?

Fri, 19 Jun 2026 01:11:00 +0000

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 […]

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Using a Trust for Foreign Assets in a New York Estate

Wed, 29 Apr 2026 19:24:00 +0000

How New York families use trusts to manage foreign assets, why immigration status matters, and when to involve an estate vs. immigration attorney.

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