You must pay the Real Property Transfer Tax (RPTT) on sales, grants, assignments, transfers or surrenders of real property in New York City. Unlike revocable trusts, transfers of property to an irrevocable trust are deemed completed when the transfer is made.Tax savings and other benefits can be. A properly drafted and followed formula clause in a will or gift transfer document can limit liability for estate or gift taxes. Every potential transfer raises estate and gift tax, capital gains tax as well as Medicaid eligibility issues for the client, particularly a senior. Create a Revocable Living Trust document. Complete data for items C1 C4 on filed real property transfer forms. This information is critical to matching local and state records. Reassessment Concerns: The succession of trustees in a trust is not a change in ownership that will trigger a reassessment. Some of these initial "funds" to further engender trust in the scheme.