Most people assume that Special Needs Trusts ("SNTs") are only for families raising a child with a significant disability. In reality, many families encounter special needs planning unexpectedly—and often much later in life than they anticipated.rnrnAs an estate planning attorney, I frequently meet clients who have thoughtfully addressed guardians for minor children, asset distribution, retirement accounts, and tax planning. Yet one question often remains unanswered:
Reena Gulati Blog
In Parts 1 and 2, we reframed succession planning as a business survival strategy and not a “someday” project. We walked through the most common mistakes that quietly derail otherwise strong businesses. Now let’s talk about what a good plan actually looks like.
If you own a business or real estate in New York, you’ve already done the hard part: building something valuable. But without a clear estate plan, all of that can be put at risk—either through probate, taxes, or uncertainty over what happens next.rnrnThis is a common issue I see with clients who have substantial real estate, investment properties, or closely held businesses. They often have a will, or maybe nothing at all, and believe that’s enough. It’s not.
Many people believe that once they’ve signed a will or even created a trust that their estate plan is complete. In reality, this assumption is one of the most common and costly mistakes families make.rnrnAs an estate-planning attorney, I regularly meet clients who are confident they are “all set,” only to discover that their documents no longer reflect their lives, their assets, or their intentions. When that happens, even well-meaning plans can unravel at exactly the wrong time.
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.
