IS THERE A LIVING TRUST MORE PRIVATE THAN A WILL IN NEW YORK?

Yes, a will becomes a matter of public record during the probate process, and a copy can be obtained upon request to the Surrogate’s Court. A living trust is a private document that is not subject to public scrutiny. However, a “pour-over” will becomes a matter of public record when it is submitted for probate,…

DOES A LIVING TRUST AVOID PROBATE IN NY?

Yes, one of the biggest advantages of a living trust is that it does not have to go through probate, as does a will. However, there are other estate planning devices which avoid probate, such as a joint tenancy, life insurance, in-trust-for bank account (also known as a Totten Trust), and individual retirement, pension or…

CAN CHARITABLE CONTRIBUTIONS ALWAYS BE DEDUCTED FROM TAXABLE INCOME?

The gift has to be made to a qualified tax-exempt charitable organization and the charitable deduction has to be itemized. If your total itemized deductions are less than your standard deduction, your taxes won’t be reduced. If you or a family member need assistance with estate gift tax call me at (716) 542-5444.