The New York estate tax “cliff” is a quirk in state law that can cost a family hundreds of thousands of dollars over a difference of just a few dollars in the size of an estate. Here is the short answer: New York gives every estate a basic exclusion amount of $7,350,000 for deaths occurring on or after January 1,
Medicaid planning protects your New York estate by legally repositioning assets — most often into an irrevocable trust — far enough in advance that they no longer count against you when you apply for long-term care benefits. The single most important number to remember is the five-year look-back: when you apply for institutional (nursing home) Medicaid in New York, the
As a general rule, you should review your New York estate plan every three to five years, and you should update it immediately after any major life event — a marriage, divorce, birth, death, move, or significant change in your finances. An estate plan is not a “set it and forget it” document. The will you signed under EPTL §3-2.1,
In New York, a Health Care Proxy and a Power of Attorney are two separate documents that do two completely different jobs: a Health Care Proxy (governed by New York Public Health Law Article 29-C) names an agent to make medical decisions for you if you cannot speak for yourself, while a Power of Attorney (governed by General Obligations Law
If you are part of a blended family in New York — a marriage that brings together children from prior relationships, a new spouse, and perhaps shared children — the single most important step is to build a coordinated plan that provides for your current spouse while still protecting your own children’s inheritance. The default rules of New York law
A complete New York estate plan for 2026 comes down to four coordinated documents and a handful of practical follow-through steps: a valid will, the right trust(s), a durable power of attorney, and a health care proxy — all reviewed against the new $7,350,000 New York estate tax exclusion and its unforgiving “cliff.” This checklist walks you through exactly what