How to Fund a Living Trust in New York - Davies Law Firm
Note sull'episodio
From Davies Law Firm - How to Fund a Living Trust in New York explores the critical steps required to ensure your estate plan actually works under New York law, including why simply signing a trust document is not enough. Centered in Syracuse and serving Onondaga County, this episode walks through how a living trust must be actively funded to avoid probate in the New York Surrogate's Court and align with the Estates, Powers and Trusts Law (EPTL) Section 7-1.18.
Listeners will gain practical insight from Frederick P. Davies and William P. Davies as they explain how to transfer real estate, bank accounts, brokerage accounts, and other assets into a revocable trust. The discussion covers key requirements under New York Real Property Law Section 291, including recording deeds with the Onondaga County Clerk’s Office on Montgomery Street, and completing forms like TP-584 and RP-5217. The episode also highlights how financial institutions, credit unions, and brokerage firms handle trust retitling, and what to expect when working with institutions across Central New York.
The conversation also breaks down how life insurance policies, IRAs, 401(k) plans, pensions, and annuities interact with a living trust, including the impact of beneficiary designations and rules under the SECURE Act. You’ll hear how the Internal Revenue Service (IRS) treats grantor trusts, why capital gains taxes are typically not triggered, and how tools like a pour-over will function within the New York Surrogate's Court system to catch unfunded assets.
Drawing on decades of experience, including Frederick P. Davies’ background with the U.S. Navy, Air Force Judge Advocate General’s School, and affiliations with the American Bar Association, New York State Bar Association, and Estate Planning Council of Central New York, this episode emphasizes ongoing trust maintenance. From avoiding probate and ancillary probate to coordinating with the Central New York Community Foundation and reviewing assets after major life events, Davies Law Firm provides a clear, structured guide to keeping your living trust estate plan fully funded and effective.
Davies Law Firm
210 E Fayette St, Syracuse, NY 13202, United States
(315) 472-6511