Legal Question in Wills and Trusts in New York

There are many ways to do this. You may do this through a will. You may do this through a trust. Only through a specific conversation with you would I be able to give better advice.

Mike.

There are several ways to accomplish your goals. You could create a will, which will distribute your property according to your wishes after your death. You will have to name an executor, whose job will be to probate your will.

Alternatively, you could create a revocable trust, also called a living trust. You will be able to state what property you wish to go to which person, and appoint a trustee. You will have to transfer your property into this trust, but you will be able to remove it from the trust if you wish. Upon your death, your trustee will distribute this property according to your wishes.

However, both of these methods depend on you having something left to divide amongst your children. With the high cost of medical care and the fact that no health insurance policies besides Medicaid or Long Term Care insurance cover the cost of home care/home attendants, it is likely that all of your assets may be exhausted before your death.

Therefore, depending on your total assets and family situation, it may be appropriate to engage in Medicaid planning/asset protection planning. A number of various trusts may be used to preserve your assets for your children while allowing you to qualify for various benefits to help you pay for your own medical care.

As far as tax considerations, this will greatly depend on the value of your assets. Without more info, I can't say what they would be.