Revocable vs. Irrevocable Trusts: Which Trust Is Right for Your New York Estate Plan?

When people in New York think about estate planning, they often imagine it’s only for the wealthy. But the truth is, tools like revocable trusts and irrevocable trusts can benefit families of all sizes, whether you own a Brooklyn brownstone, a Long Island home, or a small co-op apartment in Queens. At Sammartino & Sultan Law Group, one of the most common questions we hear is: What’s the difference between a revocable trust and an irrevocable trust, and which one should I choose for my estate plan?  **(If you want clarity on what a trust is and how it works, read this blog.

Let’s break it down in simple, everyday language.

Revocable Trusts in New York

Think of a revocable trust as your “flexible” option. You can change, update, or even cancel it while you’re alive. You stay in control of the assets, and you can revise the beneficiaries or terms as your life changes. 

For example, if you place your Long Island home into a revocable trust, you can still sell it later, move, or update who inherits it.

Why New Yorkers choose revocable trusts:

·       You keep full control during your lifetime. 

·       Your family avoids New York’s often lengthy and expensive probate process. 

·       It keeps your estate matters private (unlike a will, which is public record). 

Keep in mind: Because you control everything, those assets still “count as yours” when it comes to taxes or creditors.

Irrevocable Trusts in New York

An irrevocable trust is less flexible. Once you put assets into it, you usually cannot take them back or make big changes later. But giving up some control comes with valuable protections.   Fortunately, two things you can always change, are the Trustees (the people you put in charge of the trust and your assets) and the beneficiaries (The people who will inherit them when you pass away).

Many New Yorkers use irrevocable trusts for Medicaid planning. For example, if you want to protect your Brooklyn home from being lost to future nursing home costs, transferring it into an irrevocable trust may protect it for your children. 

Why New Yorkers consider irrevocable trusts:

·       Critical for Medicaid eligibility planning in New York. 

·       Avoids a lien from Medicaid when they try to recover money from your “estate”

·       Certain irrevocable trusts, particularly for people with taxable estates, can benefit from tax savings and asset protection. 

The tradeoff: You’re locking in those decisions, so flexibility is limited.

Choosing the Right Trust for Your New York Estate Plan

The choice really depends on your goals: 

·       If flexibility, control, and avoiding probate are top priorities, a revocable trust is often the better fit for New York families. 

·       If you’re more concerned about Medicaid planning, so you don’t have to spend your life savings on nursing home costs and can leave an inheritance for your loved ones, an irrevocable trust may be your best option. 

At Sammartino & Sultan Law Group, we specialize in New York estate planning and helping individuals and families create the right trust strategy for their unique needs. Whether you’re just starting your estate plan or updating it for the next stage of life, our team can explain your options and guide you every step of the way. 

Contact us today to explore whether a revocable or irrevocable trust is the right choice for your New York estate planning goals. 

About the Author

Leslie has been practicing law since 2009 and is the host of the estate planning podcast 'Legacy Purse'. She has a long history of representing family members struggling to inherit property and/or wealth from deceased family members through the Probate Courts. Knowing how time-consuming and expensive the probate process is, Leslie takes great pride in helping her clients learn how to plan and protect their families during their lives so they can avoid the probate court process and save their loved ones that additional grief (and expense).