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Another great feature of the Living Trust is financial assistance during your lifetime if you then become incapacitated. In this case, your successor trustee begins to manage your property for your benefit and pay your debts. Another court procedure is avoided as no adult guardianship is useful. The Will does nothing for you during existence.
When we talk about taxes on death, we're talking with regards to federal estate tax (your state furthermore have a tax, sometimes called an estate tax or an inheritance cask. The difference is who is accountable for payment for this tax. the estate possibly the inheritor? But let's not get side-tracked on new york state tax. Let's stick with talking in respect to the federal estate tax).
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