Estate tax planning helps reduce the tax burden on your estate when you pass, especially important in New York, where state-level estate taxes can catch families off guard. This post explains key strategies to protect your wealth and transfer it efficiently.
Reena Gulati Blog
For high-net-worth individuals, estate planning is more than just deciding who gets what. How assets are titled, transferred, or held can trigger unexpected legal and financial consequences — especially when it comes to capital gains. While many focus on estate and gift taxes, overlooking how capital gains interact with your legal structures can derail your legacy goals.
For families trying to protect real estate while planning for long-term care or Medicaid eligibility, the internet is full of quick-fix advice:rnrn“Just put the house in your kids’ names.”rn“Do a life estate, it avoids probate.”rn“Use a Lady Bird Deed, it’s the best of both worlds.”rnrnBut in New York, these strategies are not always available or advisable. And more importantly, what sounds simple online can create complications that are hard to undo.rnrnLet’s take a closer look at the real risks of using deeds and life estates for Medicaid planning and what better alternatives may exist.
Many people believe trusts are only for the ultra-wealthy, but they're actually valuable planning tools for many families. As a trust attorney serving clients throughout Long Island and New York, I often find that understanding trust income is a key concern for both trustees and beneficiaries.
Most people think a will is enough. It’s not, especially when your family is left sorting through court filings, unexpected delays, and costly legal fees after you're gone.rnrnA revocable living trust is one of the most powerful tools in estate planning, offering flexibility during your lifetime and simplicity after your death. Unlike a will, a revocable trust allows your chosen trustee to manage and distribute your assets without court intervention. That means no probate. No waiting. No confusion.
