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Revocable Living Trusts years. In these circumstances, without
A revocable living trust (“RLT”) is a an RLT, the family of the decedent
so-called “will substitute” - it is freely will have to probate the decedent’s
revocable during your lifetime, and will (or, in the absence of a will,
you (and your spouse, if a joint trust) bring an administration proceeding)
may act as trustee(s) of the trust. in both New York and Florida. After
RLTs have many advantages - they accounting for filing fees, legal fees,
simplify estate administration, avoid service of process, and the potential
the necessity of probate, and serve necessity for travel, this can more
special purposes for those who own than double the cost of administering
property in multiple states. An RLT, like the estate. By utilizing a RLT, you can
any trust created during the grantor’s avoid these problems, save money
lifetime, is its own legal person. By and time for your heirs, and leave a
setting up an RLT, you will effectively lasting legacy for your family. Almost
begin administering your own estate without exception, we advise that our
during your lifetime. This means that clients who own real estate or other
when you pass away, your successor property in multiple states utilize an
trustees will step immediately into RLT for estate planning purposes.
your shoes, without having to go
through the length process of probate. Irrevocable “Medicaid” Trusts
Administratively, the only thing for The irrevocable “Medicaid” trust is a
your family to do, will be to have your special type of trust utilized to protect
successor trustee(s) begin managing your assets - and in some cases, make
the trust’s affairs, and disposing of you eligible for government benefits
the trust assets as per your directions. - in the event that you require certain
A common circumstance that is forms of care, while safeguarding your
encountered in New York is the elderly assets for the benefit of your heirs.
decedent who owns both their long In New York State, the average cost
time New York residence, and a Florida of a nursing home is approaching
condominium for their retirement
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