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Married couples often assume that because they share their lives, they should also have one trust. That is not necessarily the best answer. In New York, a married couple can use either one joint revocable trust or two separate revocable trusts. Both can provide a way to manage assets during life, plan for incapacity, and control what happens after death. The better choice depends on the couple's property, family circumstances, and what each spouse wants to happen to his or he

On July 1, 2026, New York City began enforcing the state’s first pied-à-terre tax, an annual surcharge on residential property that does not serve as an owner’s primary residence. The measure had been proposed by successive administrations for more than a decade before finally pas sing this year, and it now applies broadly enough that many owners of second homes, and any trust or LLC that holds one, need to understand where they stand. Who the Tax Applies To One- to three-fam

As the cost of long-term care continues to rise, many individuals are concerned about how to protect their life savings while still qualifying for Medicaid. One of the most effective ways to do this is by setting up a Medicaid Asset Protection Trust (MAPT)—a legal tool that serves two essential purposes: protecting your assets during your lifetime and preserving them for your loved ones after your death. How It Works A Medicaid Asset Protection Trust is an irrevocable trust,

Honorary Trusts for Pets is addressed in EPTL Article 7-8.1, which allows for New York pet owners to create a trust fund for their furry...

A CLT is a type of split interest trust where a charity has the initial interest in CLT property while the remaining property is either...

A Supplemental Needs Trust (SNT), also known as a Special Needs Trust, is designed to manage assets and provide for the financial needs...

A married couple may use a bypass trust to protect their assets and to preserve the federal and state estate tax exemptions. Upon the...

A revocable or living trust allows the trust creator to hold assets in the name of the trust which are transferred to a successor trustee...

There are two main benefits of having a QTIP trust. First, a QTIP trust pr5 & 5 ovides tax flexibility for your Executor. In some...