MyFriendAlex Advanced

Advanced planning — without pretending a trust is a one-click product.

Understand what different structures are commonly designed to accomplish, what trade-offs come with them, and which questions to take to an estate-planning or elder-law professional.

Trust Explorer

What are you trying to accomplish?

Choose the outcome first; MFA will show structures commonly discussed for that goal.

Structures commonly discussed

Avoid probate / organize assets

Revocable living trust

This is an educational direction to investigate, not a recommendation to create the structure.

Beneficiary / transfer-on-death designations

This is an educational direction to investigate, not a recommendation to create the structure.

Will + incapacity documents

This is an educational direction to investigate, not a recommendation to create the structure.

Your next steps

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Write down the outcome I wantDescribe what should happen, who is affected and which decisions are urgent.
List assets, ownership and existing beneficiariesBring a current inventory; do not enter account numbers here.
Open this step
Gather existing documents and relevant family detailsPrepare existing wills, trusts, powers of attorney and policy information for your professional.
Prepare questions about the structures aboveRevocable living trust · Beneficiary / transfer-on-death designations · Will + incapacity documents
Ask about jurisdiction, costs, access and follow-throughConfirm which rules apply and which implementation steps need a qualified professional.

Progress stays in this browser. Mark a step after you review it.

2026 federal estate-planning snapshot

Approximate gross estate

Prior taxable gifts (simplified)

2026 federal basic exclusion amount

$15,000,000

Simplified amount above that threshold from inputs

This is not a federal estate-tax calculation. Deductions, marital planning, portability, prior gifts, valuation, state estate taxes and other rules can substantially change the outcome.

2026 annual gift-tax exclusion

$19,000 per recipient

Why estate planning still matters below the federal exclusion

Probate, incapacity, beneficiaries, guardians, creditor/divorce concerns, state taxes and long-term-care planning are separate questions.

Reference library

Common trust structures in plain English

Revocable Living Trust

Control

Generally high while competent

Common purpose

Probate avoidance, continuity, organization

Key caution

By itself generally not an estate-tax or Medicaid asset-protection solution.

Irrevocable Trust

Control

Usually reduced

Common purpose

Asset-transfer, tax, protection or family-control goals depending on design

Key caution

Tax treatment and retained powers can completely change the result.

MAPT

Control

Intentionally limited

Common purpose

State-specific Medicaid / long-term-care planning

Key caution

Transfer timing, access to principal/income, home rules and state law are critical.

ILIT

Control

Trustee controls policy/trust

Common purpose

Life-insurance estate planning

Key caution

Ownership, incidents of ownership and transfer timing matter.

SLAT

Control

Indirect family access may remain through beneficiary spouse

Common purpose

Advanced lifetime gifting between spouses

Key caution

Divorce, death, reciprocal-trust and access risks require careful drafting.

GRAT

Control

Grantor keeps annuity stream for term

Common purpose

Transfer future appreciation above hurdle rate

Key caution

Mortality, valuation and interest-rate assumptions matter.

IRS estate/gift updates Medicaid eligibility policy NY Medicaid trust guidance

Annual federal exclusion amounts are source-checked by MFA against IRS annual-rule publications before a new year is activated. Advanced planning is highly fact- and jurisdiction-specific. Use this section to understand concepts and prepare better questions for qualified counsel, not to draft or select a trust.