The New York Trust Series: Understanding Trusts From the Ground Up
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“What is a trust? Do I need one? How do I put my house in it? What do I do after it’s signed?” This series breaks the questions people ask most into small, plain-language answers, based on New York law.
The Basics: What Is a Trust and Why Have One?
| Part | Title | In One Sentence |
|---|---|---|
| Part 1 | What Exactly Is a Trust? | The roles, what makes a trust valid in New York and how it differs from a will |
| Part 2 | Why Set Up a Trust? | Nine of the most common reasons, and what a trust cannot do |
| Part 3 | What Are the Real Benefits of a Trust? | Trust vs. will vs. doing nothing |
| Part 4 | When Should You Start Planning? | Key life moments, Medicaid look-back periods and a preparation checklist |
| Part 5 | What Types of Trusts Are There? | Revocable, irrevocable, Medicaid, special needs, insurance and estate tax trusts for couples |
| Part 6 | When I Say “Trust,” Which One Do I Mean? | Sorting out commonly confused uses of the word “trust” |
Assets: What Goes Into a Trust, and How?
| Part | Title | In One Sentence |
|---|---|---|
| Part 7 | Which Assets Can Go Into a Trust? | The rules of funding and an at-a-glance table by asset type |
| Part 8 | Real Estate (Houses, Condos, Multi-Family) | Deeds, mortgages, property tax benefits and TOD deeds |
| Part 9 | Co-ops | Board consent and transferring shares and the lease |
| Part 10 | Bank Accounts and Safe Deposit Boxes | Retitle or name a beneficiary, joint account risks, FDIC coverage |
| Part 11 | Stocks, Funds and Brokerage Accounts | TOD registration, step-up in basis, paper certificates |
| Part 12 | Retirement Accounts (IRA, 401(k)) | Never retitle, the 10-year rule, trusts as beneficiaries |
| Part 13 | Life Insurance and Annuities | Minor beneficiaries, the estate tax cliff, life insurance trusts |
| Part 14 | Companies, LLCs and Businesses | Operating agreements, S corporations, professional entities, succession |
| Part 15 | Out-of-State and Overseas Assets | Ancillary probate, assets in China, two wills, reporting duties |
| Part 16 | Jewelry, Collectibles, Cars, Digital Assets and Crypto | Specific assignments, digital access, handing off private keys |
In Practice: Mistakes, Maintenance and Changes
| Part | Title | In One Sentence |
|---|---|---|
| Part 17 | The 15 Most Common Trust Mistakes | From never funding the trust to handwritten changes |
| Part 18 | How to Maintain a Trust | Checklists for during life, during incapacity and after death |
| Part 19 | Can a Trust Be Changed? | How to amend a revocable trust, and the routes for an irrevocable one |
Main Laws Referenced in This Series
- New York Estates, Powers and Trusts Law (EPTL)
- New York Surrogate’s Court Procedure Act (SCPA)
- New York Real Property Law, Banking Law and General Obligations Law
- The federal Internal Revenue Code and New York State tax law
Key 2026 Numbers at a Glance
| Item | Amount / Rule |
|---|---|
| New York estate tax exclusion | $7,350,000 per person |
| New York estate tax “cliff” | Above $7,717,500 (105% of the exclusion), the exclusion disappears entirely |
| New York gift add-back | Taxable gifts within 3 years before death are added to the New York estate (for deaths before January 1, 2032) |
| Federal estate and gift tax exemption | $15,000,000 per person |
| Annual gift tax exclusion | $19,000 per donor per recipient |
| Nursing home Medicaid look-back | 5 years (60 months) |
| Home care Medicaid look-back | 30 months enacted; not implemented as of September 2026 |
| New York small estate procedure | Personal property in the decedent’s name of $50,000 or less |
Attorney’s perspective
Many families assume trusts are only for the wealthy. In reality, a home, a few children and relatives overseas are often enough for a trust to make a real difference. Each article in this series answers one small question; real planning means putting those answers together for your own family.
For advice about your own family’s situation, call +1 718-218-5805 or schedule a consultation. We meet clients in Flushing and Manhattan, in English or Chinese.
This article is for general information only and is not legal advice. Reading it does not create an attorney-client relationship. For advice about your situation, please contact us.
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