WHAT ARE THE SUPPLEMENTAL NEEDS TRUSTS (SNTs) IN NEW YORK?

SNTs are legal tools used to help disabled people keep more of their income or assets without losing their public benefits. SNTs were originally invented to allow parents of children with developmental disabilities to provide for them after they grow up without making them ineligible for public benefits (like SSI and Medicaid). Ordinarily, if a…

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.