A complete New York estate plan rests on four coordinated documents: a last will and testament, one or more trusts, a durable power of attorney, and a health care proxy. Together they decide who inherits your property, who manages your money if you cannot, and who makes your medical decisions when you are unable to speak for yourself. Any single
For deaths occurring on or after January 1, 2026 through December 31, 2026, New York exempts the first $7,350,000 of an estate from the New York State estate tax. But there is a trap most people have never heard of: the “cliff.” If your taxable estate exceeds 105% of the exemption — $7,717,500 — you lose the entire exemption and
You can avoid probate in New York by arranging for your assets to pass to your loved ones automatically — outside of the court process — using tools like a revocable living trust, beneficiary designations, and certain forms of joint ownership. Probate is the court-supervised process of validating your will and transferring your property after you die. It can be
If you are a young family in New York, estate planning means putting four coordinated legal documents in place — a will, one or more trusts, a durable power of attorney, and a health care proxy — so that if something happens to you, the people you choose (not a court) decide who raises your children, who manages your money,
If you have a blended family in New York — a second marriage, stepchildren, or children from more than one relationship — estate planning is the tool that lets you provide for your current spouse and protect the inheritance you want your own children to receive. Without a coordinated plan, New York law decides for you, and the default outcome
For most New Yorkers, the honest answer is: you almost certainly need a will, and many people benefit from adding a trust — but a trust is rarely a substitute for a will. The two tools do different jobs. A will directs who receives your property and names a guardian for minor children, but it must pass through the court