The New York estate tax “cliff” is a quirk in state law that can cause an estate to lose its entire estate-tax exemption if its value rises just slightly above a certain threshold. In 2026, New York shields the first $7,350,000 of an estate from tax. But if your estate exceeds 105% of that figure — $7,717,500 — you do
Medicaid planning is the process of legally arranging your assets so that, if you ever need long-term nursing-home care, you can qualify for New York Medicaid without being forced to spend your life savings first. The single most important rule to understand is the 5-year look-back: when you apply for institutional (nursing-home) Medicaid in New York, the state reviews the
To include digital assets in your New York estate plan, you name who can access them and grant that person legal authority through the core documents you already use — your will, a trust, and especially your durable power of attorney — while leaving clear instructions and an inventory so your loved ones can actually find and manage everything online.
As a general rule, you should review your New York estate plan every three to five years, and you should update it sooner whenever a major life event happens — a marriage, a divorce, a birth, a death, a big change in your assets, or a move into or out of New York. An estate plan is not a “set
The short answer is this: a health care proxy lets someone make your medical decisions when you cannot, while a power of attorney lets someone manage your financial and legal affairs. They are two separate New York documents governed by two separate laws, and they appoint your agents for two completely different jobs. One does not cover the other —
A complete New York estate plan for 2026 comes down to four coordinated documents — a will, one or more trusts, a durable power of attorney, and a health care proxy — working together to control who inherits your property, who manages your affairs if you cannot, and how much (if any) New York estate tax your family pays. If
Pending green card or citizenship in New York? Learn how to protect your spouse and children with a will, trust, and the right specialist for each step.