Wills, Trusts and Estate Planning

 Estate planning is about protecting what you have and making sure it ends up in the right hands — without unnecessary delays, legal battles, or court involvement. In New York, where real estate and family structures can be complex, the right estate plan brings clarity and peace of mind.

A complete plan typically includes:

• A Last Will and Testament, which names guardians for children and directs how your assets should be distributed.
   
• A Health Care Proxy and Power of Attorney, which authorize someone to make decisions if you're unable to.
   
• And for many, one or more Trusts, which allow for greater control, privacy, and flexibility — especially when real estate or long-term wealth planning is involved.

 There’s no one-size-fits-all trust. Different structures serve different purposes:

• Revocable Living Trust
  Allows you to transfer assets — including real estate — into the trust during your lifetime, while keeping control. At death, assets pass directly to beneficiaries without probate. Good for privacy and efficiency.
   
• Irrevocable Trust
  Typically used for asset protection, Medicaid planning, or tax purposes. Once assets are transferred, you give up control — but gain potential benefits like shielding the home from long-term care costs or reducing estate taxes.
   
• Testamentary Trust
  Created under your Will and activated after death. Often used to manage inheritances for minor children or financially inexperienced beneficiaries.
   
• Supplemental Needs Trust (SNT)
  Preserves eligibility for government benefits while still allowing you to leave money for a loved one with special needs.
   

Each trust has its own set of rules, tax implications, and ideal use cases. What’s right for you depends on your goals, family situation, and assets.

 Many people use trusts to buy or hold real estate — particularly homes they plan to pass down. In New York, this is common both in the city and on Long Island. Reasons include:

• Avoiding probate — A home in a revocable trust can pass directly to your beneficiaries without court proceedings.
   
• Maintaining privacy — Trusts are not public like Wills.
   
• Planning for incapacity — If you become unable to manage the property, your successor trustee can step in without court approval.
   
• Asset protection — Certain irrevocable trusts can shield a home from creditors or Medicaid spend-down requirements.
   

Before buying in a trust, it’s important to consider lender requirements, title implications, and future plans for the property. Not all trusts are treated the same in real estate transactions — a revocable trust is often easier to work with than an irrevocable one.

 Without a plan, New York law decides what happens to your assets — and the process can be costly and time-consuming. With a plan, you decide how your property is handled, who manages things, and who ultimately benefits.

Whether you’re starting a family, buying a home, caring for aging parents, or building generational wealth — estate planning gives you the tools to prepare for what’s next.