Over the years, I have found that one of the biggest obstacles preventing clients from pulling the trigger on a Medicaid Trust is the perception that all control is lost over the assets being transferred to the trust. While it is true that legal title to the assets must be transferred to the trustee, a well drafted trust can provide several mechanisms allowing the creator of the trust to maintain a certain degree of control.
The following are some techniques I use in Medicaid Trusts to calm your fears of losing control. Read more
If properly drafted and executed, certain New York estate planning documents, such as a Last Will and Testament (“Will”) or a trust should be recognized outside of New York. For instance, if you sign a Will while present in New York and follow the proper formalities of a Will execution (e.g. at least two witnesses, etc.), that Will should be recognized even if you die while a resident of another state. Similarly, if you die while a resident of New York, having a valid Will prepared while you were a resident of another state, New York will recognize your Will. Read more