Trusts are a versatile and effective tool in New York estate planning. They allow individuals and families to manage assets, provide structured support for beneficiaries, and achieve goals such as probate avoidance, incapacity planning, asset protection, and tax efficiency.

What Is a Trust?

A trust is a legal arrangement in which a settlor transfers assets to a trustee to hold and manage for the benefit of designated beneficiaries according to the terms of the trust instrument. The document controls the administration, distribution, and protection of the assets over time.

Trusts are commonly used to:

  • Hold real estate, financial accounts, and other property
  • Deliver structured or conditional distributions to beneficiaries
  • Ensure continuity of management during incapacity
  • Minimize probate delays and public exposure
  • Address estate tax, asset protection, or philanthropic objectives

Trust Planning Services

We prepare and advise on trusts tailored to each client’s specific needs and long-term goals. Common types include:

Revocable Living Trusts
  • Permit the settlor to retain full control and the ability to amend or revoke the trust during life, while providing for an orderly transition of assets at death. They frequently serve as the central component of a comprehensive estate plan.
Irrevocable Trusts
  • Generally cannot be modified once funded. They may provide asset protection, estate tax reduction, or other advantages by removing assets from the settlor’s taxable estate or limiting exposure to claims.
Spendthrift Trusts
  • Shield trust assets from a beneficiary’s creditors and restrict premature access or assignment. These are particularly useful when beneficiaries need financial oversight or protection from external pressures.
Special Needs Trusts
  • Enable provision for a disabled beneficiary without jeopardizing eligibility for public benefits such as Medicaid or Supplemental Security Income. Precise drafting and compliance are essential.
Testamentary Trusts
  • Created under a will and activated at death. They are commonly used to manage assets for minors or to impose timing and conditions on distributions.
Charitable & Legacy Trusts
  • Support philanthropic goals while potentially offering tax advantages or income streams. They can form part of a broader legacy or succession strategy.

How Trusts Work in New York

New York trusts are governed primarily by the Estates, Powers and Trusts Law (EPTL). For proper operation, the trust must hold legal title to assets, and the trustee must fulfill fiduciary duties in accordance with the instrument’s terms.

When properly structured and funded, trusts can reduce or eliminate Surrogate’s Court involvement, preserve privacy, and allow for more flexible administration.

Why Trust Planning is Essential

Without a trust, assets generally pass through probate—a process that often entails delays, public proceedings, court oversight, and added expense. Trust planning enables clients to:

  • Avoid or streamline probate
  • Protect beneficiaries from creditors, mismanagement, or poor decision-making
  • Implement customized distribution schedules or conditions
  • Address estate tax considerations where applicable
Trusts

Trusts are a versatile and effective tool in New York estate planning. They allow individuals and families to manage assets, provide structured support for beneficiaries, and achieve goals such as probate avoidance, incapacity planning, asset protection, and tax efficiency.

What Is a Trust?

A trust is a legal arrangement in which a settlor transfers assets to a trustee to hold and manage for the benefit of designated beneficiaries according to the terms of the trust instrument. The document controls the administration, distribution, and protection of the assets over time.

Trusts are commonly used to:

  • Hold real estate, financial accounts, and other property
  • Deliver structured or conditional distributions to beneficiaries
  • Ensure continuity of management during incapacity
  • Minimize probate delays and public exposure
  • Address estate tax, asset protection, or philanthropic objectives

Trust Planning Services

We prepare and advise on trusts tailored to each client’s specific needs and long-term goals. Common types include:

Revocable Living Trusts
  • Permit the settlor to retain full control and the ability to amend or revoke the trust during life, while providing for an orderly transition of assets at death. They frequently serve as the central component of a comprehensive estate plan.
Irrevocable Trusts
  • Generally cannot be modified once funded. They may provide asset protection, estate tax reduction, or other advantages by removing assets from the settlor’s taxable estate or limiting exposure to claims.
Spendthrift Trusts
  • Shield trust assets from a beneficiary’s creditors and restrict premature access or assignment. These are particularly useful when beneficiaries need financial oversight or protection from external pressures.
Special Needs Trusts
  • Enable provision for a disabled beneficiary without jeopardizing eligibility for public benefits such as Medicaid or Supplemental Security Income. Precise drafting and compliance are essential.
Testamentary Trusts
  • Created under a will and activated at death. They are commonly used to manage assets for minors or to impose timing and conditions on distributions.
Charitable & Legacy Trusts
  • Support philanthropic goals while potentially offering tax advantages or income streams. They can form part of a broader legacy or succession strategy.

How Trusts Work in New York

New York trusts are governed primarily by the Estates, Powers and Trusts Law (EPTL). For proper operation, the trust must hold legal title to assets, and the trustee must fulfill fiduciary duties in accordance with the instrument’s terms.

When properly structured and funded, trusts can reduce or eliminate Surrogate’s Court involvement, preserve privacy, and allow for more flexible administration.

Why Trust Planning is Essential

Without a trust, assets generally pass through probate—a process that often entails delays, public proceedings, court oversight, and added expense. Trust planning enables clients to:

  • Avoid or streamline probate
  • Protect beneficiaries from creditors, mismanagement, or poor decision-making
  • Implement customized distribution schedules or conditions
  • Address estate tax considerations where applicable