information regarding Living trusts & trustees in New York

Why Do I Need To Do A Pour-Over Will If I Do A Living Trust In New York?

Why do I need to do a Pour-Over Will if I do a Living Trust in New York? Your estate planning attorney may have recommended that you do a revocable living trust as the key document in your estate plan, rather than a Will. A revocable living trust, if done correctly, will allow your estate…

What Should I Do After I Set Up A Living Trust In New York?

If you have set up a New York Living Trust, you are probably seeking to avoid probate, as well as name someone to manage your affairs in the event you become incapacitated. After you have set up your Living Trust, it’s important that you take a few follow-up steps so that everything will proceed smoothly…

What Happens If I Set-Up A New York Living Trust, But Don’t Title My Assets To It?

One of the major benefits of setting up a living trust is to avoid the New York probate process. Probate is what happens when a person dies owning property in his or her name. Upon death, a relative will take that person’s Will to court (or start an intestacy proceeding if the person died without…

IS LIFE INSURANCE TAX-FREE IN NY?

Life insurance is not entirely “tax-free.” While death benefit proceeds are income-tax-free, they are not estate-tax-free unless the beneficiary is a spouse. Life insurance can be an essential component of estate plans for same-sex couples as it is often an effective way to provide liquidity to satisfy any estate taxes due as a result of…

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,…