The New York estate tax cliff is a quirk in state law that can cost a family hundreds of thousands of dollars over a single dollar. Here is the short answer: for deaths in 2026, New York gives every estate a basic exclusion amount of $7,350,000. If your taxable estate stays at or below that figure, you owe no New
As a general rule, you should review your New York estate plan every three to five years, and immediately after any major life event — a marriage, divorce, birth, death, significant change in assets, or a move into or out of New York State. But the more important truth, and the one most “set it and forget it” plans miss,
A Health Care Proxy and a Power of Attorney are two entirely different documents that solve two entirely different problems, and in New York you need both. A Health Care Proxy, governed by New York Public Health Law Article 29-C, appoints an agent to make medical decisions for you if you cannot make them yourself. A Power of Attorney, governed
If you are a young family in New York, estate planning means building a coordinated set of legal documents — a will, one or more trusts, a durable power of attorney, and a health care proxy — that names a guardian for your minor children, controls how and when they inherit, and authorizes trusted adults to act for you if
Estate planning for a blended family in New York means building a coordinated set of legal documents — a will, one or more trusts, a durable power of attorney, and a health care proxy — that deliberately balances your current spouse’s security against your children’s inheritance, so that no one is accidentally disinherited and no one is forced to wait
A complete New York estate plan for 2026 is not a single document — it is four coordinated instruments working together: a valid last will and testament, the right trust or trusts, a durable power of attorney, and a health care proxy. Built correctly, this set decides who inherits, who manages your affairs if you become incapacitated, who makes your