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death, with an eye towards the minimization
of tax and administrative burdens on the
loved ones you leave behind.
In consulting with your attorneys for your
initial estate planning consultation, bring
with you a list of your assets (including real
estate, bank accounts, investment accounts,
annuities, retirement accounts), liabilities,
insurance policies and if applicable,
prenuptial agreements and judgments of
divorce. With this information in hand, your
attorneys will be able to give you informed
advice regarding the best course of action.
Trusts
There are dozens of varieties of trusts, each
of which can be used to accomplish different
goals. For most circumstances, however,
your attorneys will recommend one (or
several) of three variants of trusts - the
basic revocable living trust, the irrevocable
“Medicaid” trust. Each trust serves its own
specific purpose - generally, irrevocable
trusts are for asset protection and estate
tax purposes, where revocable trusts are
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considered “will substitutes”.
Revocable Living Trusts
A revocable living trust (“RLT”) is a so-called
“will substitute” - it is freely revocable during
your lifetime, and you (and your spouse, if a
joint trust) may act as trustee(s) of the trust.
RLTs have many advantages - they simplify
estate administration, avoid the necessity
of probate, and serve special purposes for
those who own property in multiple states.
An RLT, like any trust created during the
grantor’s lifetime, is its own legal person.
By setting up an RLT, you will effectively
begin administering your own estate
during your lifetime. This means that when
you pass away, your successor trustees will
step immediately into your shoes, without
having to go through the length process
of probate. Administratively, the only thing
for your family to do, will be to have your
successor trustee(s) begin managing the
trust’s affairs, and disposing of the trust
assets as per your directions.
A common circumstance that is encountered
in New York is the elderly decedent who
owns both their long time New York
residence, and a Florida condominium