The New York estate tax “cliff” is a trap built into state law: if your taxable estate exceeds the basic exclusion amount by more than 5%, you do not just pay tax on the excess — you lose the entire exemption and your estate is taxed from the very first dollar. For deaths in 2026, the basic exclusion is $7,350,000,
A complete New York estate plan is built from four coordinated documents working together: a last will and testament, one or more trusts, a durable power of attorney, and a health care proxy. Each one solves a different problem — who inherits, what avoids probate, who manages your money if you cannot, and who makes your medical decisions. Miss any
The most reliable way to avoid probate in New York is to make sure your assets never have to pass through your will in the first place — and the cleanest way to do that is a funded revocable living trust under EPTL Article 7, paired with beneficiary designations, joint ownership where appropriate, and a coordinated set of planning documents.
If you are a young New York family, estate planning is the process of putting four coordinated legal tools in place — a will, one or more trusts, a durable power of attorney, and a health care proxy — so that, if you become incapacitated or die unexpectedly, a person you chose raises your children, manages your money, and makes
If you are part of a blended family in New York — a second marriage, stepchildren, children from a prior relationship, or “yours, mine, and ours” — the single most important estate-planning decision you can make is to stop relying on a simple will and start using coordinated trusts. A bare-bones will leaves your assets exposed to the state’s default
The short, solutions-oriented answer: most New Yorkers need a will, and many also benefit from a trust — but they solve different problems, and the right choice depends on the outcomes you want. A will directs who inherits and names a guardian for minor children, but it must pass through probate. A revocable living trust avoids probate and keeps your