An irrevocable trust serves as a key tool for long-term asset protection. By transferring assets into this type of trust, the grantor gives up ownership and control, which can help shield those assets from being counted for Medicaid eligibility. This strategy is especially useful for individuals planning ahead for the high costs of nursing home or in-home care. In some situations, an irrevocable trust may also support qualification for assisted living programs, helping preserve wealth while ensuring access to necessary care.

A Special Needs Trust—also called a Supplemental Needs Trust—is designed to provide ongoing care for a child or loved one with special needs without jeopardizing their eligibility for government benefits like SSI or Medicaid. This type of trust can be set up during the grantor’s lifetime as a living trust or through a provision in their Will.

The assets in a special needs trust can be used to enhance the beneficiary’s quality of life by covering expenses that government programs don’t pay for. These may include personal care services, recreational activities, specialized therapies, vacations, or even home modifications tailored to the individual's needs.

An Irrevocable Life Insurance Trust (ILIT) is a valuable estate planning tool for individuals with estates that may exceed New York or federal estate tax thresholds. By placing a life insurance policy within an ILIT, the policy proceeds are excluded from your taxable estate, potentially saving your heirs thousands—or even hundreds of thousands—in estate taxes.

As the trust's creator, you can appoint a trustee and name the beneficiaries, while also setting detailed instructions on how the funds should be managed or distributed. Because the ILIT owns the insurance policy, the death benefit is paid directly to your chosen beneficiaries—such as children or loved ones—without passing through your estate or your spouse’s estate. This strategic structure helps maximize the value of your life insurance by avoiding unnecessary taxation.

A revocable trust allows you to transfer assets into the trust while retaining complete control over them during your lifetime. You can change, amend, or dissolve the trust at any point. When the trust creator passes away, the assets are distributed directly to the beneficiaries listed—often as outlined in a Will.

One of the main advantages of a revocable trust is that it helps avoid probate, the often time-consuming legal process of validating a Will. Probate can take months and may become complicated if there are disputes among heirs. A revocable trust simplifies the transfer of assets and can help minimize family conflicts. However, it’s important to note that this type of trust does not provide asset protection. If safeguarding your assets from creditors or long-term care costs is a priority, an irrevocable trust might be more suitable.

Charitable trusts come in several forms, but one of the most widely used is the Charitable Remainder Trust (CRT). A CRT allows you to donate assets to a trust while retaining an income stream for yourself or a chosen beneficiary, either for life or for a specified number of years. At the end of the trust term, the remaining assets are distributed to a designated charity.

One of the key benefits of a Charitable Remainder Trust is the ability to claim an immediate charitable income tax deduction based on the value of the future charitable gift. In addition, the trust can sell appreciated assets without incurring capital gains taxes, making it an efficient tool for both philanthropy and financial planning. A CRT allows you to support a cause you care about while also providing financial advantages during your lifetime.