Before you reach out, here is what most New York families need to know about what planning costs in time and money — so your first conversation with Russel Morgan, Esq. is as productive as possible.
What to Expect: Cost & Timeline at a Glance
| Planning Tool | Typical Drafting Time | Key NY Law | Primary Benefit |
|---|---|---|---|
| Revocable Living Trust | 2–4 weeks | EPTL Art. 7 | Avoids probate; incapacity management |
| Irrevocable Trust | 3–6 weeks | EPTL Art. 7 | Estate-tax reduction; Medicaid (5-yr look-back) |
| Special Needs Trust | 3–5 weeks | EPTL § 7-1.12 | Preserves Medicaid/SSI eligibility |
| Will + Surrogate’s Court Probate | Probate: 9–18 months | SCPA | Public record; no lifetime incapacity coverage |
2026 NY estate-tax note: The basic exclusion is $7,350,000. Estates exceeding 105% of that figure ($7,717,500) lose the entire exemption — not just the excess. A properly structured irrevocable trust can remove assets from this calculation. See the NY Department of Taxation and Finance for current rates.
Why a Trust vs. Will Decision Changes Your Timeline
A revocable living trust funded before death transfers assets privately and immediately. A will must be probated in New York Surrogate’s Court — adding months and public disclosure. Trust administration under the prudent-investor standard (EPTL Article 11-A) begins the moment of incapacity or death, with no court queue.
Learn more about how trusts work or special needs planning before your call.
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