The New York estate tax cliff is a rule that can cause an estate to lose its entire state exemption the moment it grows just slightly too large. For deaths in 2026, New York gives each person a basic exclusion of $7,350,000. But if your taxable estate climbs above 105% of that figure — $7,717,500 — you “fall off the
If you are a single individual in New York worried about how the cost of a nursing home could swallow everything you have worked for, here is the direct answer: Medicaid planning protects your estate by moving assets out of your name far enough in advance that they no longer count against you when you apply for long-term care benefits
To include digital assets in your New York estate plan, you inventory everything you own online, grant clear legal authority to a fiduciary you trust, and weave that authority through the four documents that make a New York plan complete: your will (EPTL §3-2.1), one or more trusts (EPTL Article 7), a durable power of attorney (GOL §5-1513), and a
As an individual planning for your own future in New York, you should review your estate plan at least once every three to five years, and immediately after any major life event — a move to or from New York, a new relationship, the purchase of property, a significant change in your assets, or a shift in your health. An
If you are planning as a single person and you remember only one thing from this page, remember this: in New York, a health care proxy and a power of attorney are two completely different documents that do two completely different jobs. A health care proxy, governed by New York Public Health Law Article 29-C, lets you appoint an agent
A complete New York estate planning checklist for 2026 comes down to four coordinated documents: a last will and testament, one or more trusts, a durable power of attorney, and a health care proxy — all drafted to work together rather than in isolation. If you are a single person planning for yourself, these four instruments decide who manages your
Immigrant and mixed-status families in New York face unique estate planning issues, from non-citizen spouses to foreign heirs. Here is what to know.