Trusts are one of the most powerful tools in estate planning. Whether you want to avoid probate, reduce taxes, or ensure your loved ones are cared for, creating a trust can give you the needed control.

At McAdoo Estate Planning, LLC, we help New Yorkers understand and use trusts to protect their wealth and secure their legacy. Our goal is to provide personalized solutions that reflect their values and adapt to their lives.

Understanding Trusts: What They Are & Why They Matter

A trust is a legal arrangement where a person (the grantor) transfers assets to a trustee, who manages them for the benefit of named beneficiaries. Unlike a will,a trust can take effect during your lifetime and continue after your death.

Working with a trust lawyer in NYC, like McAdoo Estate Planning, LLC, ensures your assets are protected and distributed according to your wishes, without unnecessary court involvement.

Trusts differ from wills in several important ways:

• Trusts can help you avoid probate.
  
  
• They provide privacy, as they are not part of the public record.
  
  
• Trusts can manage assets over time, rather than distributing everything at once.
  
  

Types of Trusts in New York: Choosing the Right One

There's no one-size-fits-all approach to trusts. At McAdoo Estate Planning, LLC, we help our clients through the options and help to determine which type is right for them.

• Revocable (Living) Trusts
  A revocable trust, or usually called a living trust, gives you great flexibility and control over your assets during your lifetime. You can change it or revoke it at any time, making it ideal for those who want the option to adjust their estate plan as life circumstances change. One of its major advantages is that it helps your estate avoid probate—a potentially lengthy and costly court process, ensuring a smoother transition of assets to your beneficiaries after your passing.
• Irrevocable Trusts
  Unlike revocable trusts, irrevocable trusts generally cannot be changed or revoked once they're created—unless the beneficiaries agree. This permanence offers strong legal protections, making them valuable tools for asset protection and tax planning. By removing assets from your taxable estate, irrevocable trusts can reduce estate taxes and protect wealth from potential creditors or legal judgments.
• Special Needs Trusts
  A special needs trust is essential for families with a disabled loved one. It provides long-term financial support without jeopardizing eligibility for critical government programs like Medicaid or Supplemental Security Income (SSI). Carefully structured and managed by a trustee, this type of trust helps ensure your loved one receives the care they need while preserving public benefit access.
• Charitable Trusts
  Charitable trusts allow you to support causes you care about while gaining tax benefits. These trusts can be designed to provide income to you or your beneficiaries for a while, with the remaining assets eventually going to a designated charity. They not only help you leave a good legacy but also reduce your estate's taxable value.
• Asset Protection Trusts
  Asset protection trusts are designed to secure your wealth against lawsuits, creditors, or other financial liabilities. Often structured as irrevocable trusts, they legally separate your assets from your ownership, helping shield them from claims while still allowing you to benefit from them in carefully defined ways.
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How a Trust Helps You Avoid Probate in NYC

Probate in New York can be time-consuming, expensive, and public. A properly established trust allows your assets to bypass this process entirely, offering a faster and more private transfer of property.

McAdoo Estate Planning, LLC, works closely with you to create a trust that simplifies the estate administration process and avoids delays for your loved ones.

Estate Tax Benefits of Setting Up a Trust in NYC

New York imposes its own estate tax, and for high-net-worth individuals, this can significantly impact the assets passed to beneficiaries. Trusts can reduce both state and federal estate taxes through:

• Gift tax exclusions
  
  
• Generation-skipping trusts
  
  
• Strategic asset transfers
  
  

Our team at McAdoo Estate Planning, LLC leverages these strategies to help preserve your estate's value.

Trusts for Asset Protection: Safeguarding Your Wealth

Irrevocable trusts, Medicaid Asset Protection Trusts (MAPTs), and spendthrift trusts all serve to shield your assets under various scenarios:

• Protection from lawsuits or divorce settlements
  
  
• Long-term care planning without jeopardizing Medicaid eligibility
  
  
• Preventing irresponsible beneficiaries from mismanaging funds
  
  

Let McAdoo Estate Planning, LLC show you how to preserve your assets for future generations with confidence.

Special Needs Trusts: Ensuring Financial Security for Vulnerable Beneficiaries

If you have a loved one with a disability, a special needs trust ensures their quality of life without disqualifying them from programs like SSI or Medicaid. Appointing a reliable trustee and structuring the trust correctly is essential—something we help you navigate with care and compassion.

How to Choose the Right Trust Attorney in NYC

Choosing the right legal partner is just as important as choosing the right type of trust. When hiring a trust lawyer, look for:

• Proven experience in estate and trust law
  
  
• Knowledge of New York-specific regulations
  
  
• A personalized approach that considers your unique needs
  
  

McAdoo Estate Planning, LLC brings years of local experience and a client-first mindset to every case. We take the time to listen and craft plans that truly reflect your goals.

The Process of Setting Up a Trust in New York

Creating a trust involves several key steps:

1. Defining your goals and beneficiaries
   
   
2. Choosing the right type of trust
   
   
3. Drafting the trust agreement
   
   
4. Funding the trust with appropriate assets
   
   
5. Naming a trustee and providing guidance
   
   

We guide you through each stage, and continue to support you as life changes require adjustments.

Common Mistakes to Avoid When Creating a Trust

Even a well-intentioned trust can fail if not properly executed. Common mistakes include:

• Not funding the trust (i.e., failing to transfer assets into it)
  
  
• Forgetting to update it after major life events
  
  
• Choosing an unqualified trustee
  
  

At McAdoo Estate Planning, LLC, we help you avoid these pitfalls through detailed planning and ongoing support.

Frequently Asked Questions

Why should I create a trust? Can't I just transfer my property to my children?

While you can transfer assets directly, doing so can lead to unintended tax consequences, loss of control, or disqualification from Medicaid. A trust provides more protection and flexibility.

What assets can I transfer into my trust?

Almost anything—real estate, bank accounts, investment portfolios, business interests, and even personal property.

Why do I need a trust lawyer in NYC?

New York laws are complex. A trust lawyer ensures your trust is valid, properly funded, and aligned with your goals.

What is a trust, and how does it work in New York?

A trust holds assets for your beneficiaries and is managed by a trustee. It can provide tax benefits, avoid probate, and offer greater control over how your estate is distributed.

How do I fund a trust with my assets?

By re-titling ownership of your assets into the name of your trust. We help you with each step to ensure nothing is missed.

Are trusts only for the wealthy in NYC?

No. Trusts are useful for anyone who wants to avoid probate, protect loved ones, or plan for special circumstances.

Who can create a trust in New York City?

Any adult with legal capacity can create a trust. It's especially recommended for individuals with children, real estate, or complex family dynamics.

What types of trusts are available in NYC?

Revocable, irrevocable, special needs, charitable, Medicaid, and asset protection trusts are all common—each serving different purposes.

Conclusion: Plan Today for Peace of Mind Tomorrow

Trusts are more than legal documents—they're strategic tools that help you care for your loved ones, protect your assets, and maintain control over your legacy. Whether you're planning for retirement, providing for a family member with special needs, or simply want to avoid the delays and costs of probate, creating the right trust can make all the difference.

At McAdoo Estate Planning, LLC, we're committed to helping New Yorkers make smart, informed decisions about their future. If you're ready to take the next step, our team is here to help.

When you work with us, you get:

• A legal partner with deep experience in New York trust and estate law
  
  
• Thoughtful, personalized advice based on your goals
  
  
• Ongoing support as your circumstances and family grow
  
  

Contact us today to schedule a free consultation and secure peace of mind for you and your family.