1. Health Care Proxy Health Care Decisions Statutory form including Living Will provisions
2. Revocation of Health Care Proxy
3. Uniform Anatomical Gift Act Donation
4. Revocation of Anatomical Gift Donation
A living trust in NY, also known as a revocable trust, is a legal document used for estate planning purposes. It allows an individual (the granter) to transfer their assets into a trust during their lifetime, typically for the purpose of managing and distributing those assets to beneficiaries upon their death. This complex estate planning tool offers several benefits, including probate avoidance, privacy, and flexibility. There are several types of living trusts in NY that individuals may consider based on their specific needs: 1. Revocable Living Trust: This is the most common type of living trust. It allows the granter to maintain control over the trust assets during their lifetime and make changes or revoke the trust if desired. 2. Irrevocable Living Trust: Unlike a revocable trust, an irrevocable living trust cannot be altered or revoked once it is established. This type of trust offers additional asset protection and allows for potential tax advantages. 3. Medicaid Asset Protection Trust (MAP): This specialized irrevocable trust is designed to protect assets from being counted towards Medicaid eligibility. It allows individuals to transfer assets into the trust while still potentially qualifying for Medicaid benefits. 4. Special Needs Trust: A special needs trust is created to provide for individuals with disabilities without affecting their eligibility for government assistance programs like Medicaid or Supplemental Security Income (SSI). 5. Charitable Remainder Trust: This trust allows granters to transfer assets into a trust, receive income from those assets for a specified period, and then donate the remaining assets to a charity. 6. Qualified Personnel Residence Trust (PRT): A PRT allows the granter to transfer their primary residence or vacation home into the trust while still being able to live in it for a designated period. This allows for potential estate tax reduction. 7. Testamentary Trust: Unlike other living trusts, a testamentary trust is created as part of a will and takes effect only upon the granter's death. It allows for the distribution of assets to beneficiaries based on specific instructions outlined in the will. While these various types of living trusts serve different purposes, they all provide individuals with the ability to control the distribution of their assets, avoid probate, and potentially reduce estate taxes. Consulting with an experienced estate planning attorney is crucial to determine the most appropriate type of living trust for one's specific needs and goals.
