A complete New York estate plan is built from four core documents working together: a last will and testament, one or more trusts, a durable power of attorney, and a health care proxy. The will directs who inherits your property, a trust can let your family avoid probate or protect assets, the power of attorney lets someone manage your finances
For deaths occurring on or after January 1, 2026, New York’s basic exclusion amount is $7,350,000 — meaning an estate at or below that figure pays no New York estate tax. But there is a trap unique to New York: the estate tax “cliff.” Once a taxable estate exceeds 105% of the exemption — $7,717,500 in 2026 — the exemption
Medicaid planning protects your home and savings from the cost of long-term nursing care, and in New York it turns on one critical rule: the five-year look-back. When you apply for institutional (nursing home) Medicaid, the state reviews the prior 60 months of your finances. Any uncompensated transfers, gifts, or asset moves made during that window can trigger a penalty
To include digital assets in your New York estate plan, you must inventory every account and file you own online, grant your fiduciaries clear legal authority to access them under New York’s digital-assets law, and weave that authority into the core documents that already govern your estate — your will, your trust, your durable power of attorney, and your health
There is no single magic number, but the practical answer for most New Yorkers is this: review your estate plan every three to five years, and update it immediately after any major life event or change in the law. An estate plan is not a one-time document you sign and forget. It is a living reflection of your family, your
A complete New York estate planning checklist for 2026 comes down to four coordinated documents — a will, one or more trusts, a durable power of attorney, and a health care proxy — assembled around your specific family, your specific assets, and your specific goals. There is no one-size-fits-all plan. The right checklist for a Manhattan business owner with a
Waiting on a green card or citizenship in New York? You can still protect your family with a will, trust, and power of attorney. Here is how.