Revocable vs. Irrevocable Trusts in New York: Which Is Right for You? - Davies Law Firm

BSPE Legal Marketing Podcast

Content provided by Viktoria Altman. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Viktoria Altman or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

16d ago 7:09

MP3•Episode home

From Davies Law Firm - Revocable vs. Irrevocable Trusts in New York: Which Is Right for You? explores how individuals and families in New York can navigate the decision between a revocable living trust and an irrevocable trust and what factors matter in that choice.

In the first part of the podcast we dive into the roles of the trustor, trustee and beneficiary, explaining how every trust—whether revocable or irrevocable—relies on those three parties. We’ll introduce what a revocable living trust is, how under the Estates, Powers and Trusts Law (EPTL) of New York it must clearly state it’s revocable to be treated as such, and why it offers flexibility, avoidance of probate through the Surrogate’s Court, and incapacity planning. We’ll also cover its limitations: that assets remain part of the trustor’s estate, no asset protection, and no New York estate tax savings.

In the next segment we turn to the irrevocable trust and talk about its distinctive features: once an asset is moved into it you give up control, but you gain stronger asset protection, eligibility advantages when planning for long-term care such as using a Medicaid Asset Protection Trust (MAPT), and potential reduction of the New York estate tax exposure, especially important given the “estate tax cliff.” We’ll discuss the timing concerns, such as the five-year look-back for Medicaid transfers, and how this type of trust becomes a strategic tool when a person is facing larger estates or higher liability risks.

Finally, we’ll wrap up by helping you decide how to align trust type with your goals: using a revocable trust as a foundational component of your estate plan for flexibility, control, and probate avoidance, and considering an irrevocable trust as an additional layer of protection when your objectives include asset preservation, exposure to estate tax, or long-term care planning. With commentary from the team at Davies Law Firm and insights drawn from the article, this episode offers actionable guidance for anyone considering trust planning in New York.

Davies Law Firm

210 E Fayette St, Syracuse, NY 13202, United States

(315) 472-6511

https://www.google.com/maps?cid=11885144913064493862

1894 episodes

#News #Viktoria Altman