Estate planning done carelessly costs families far more than estate planning done once, correctly. At Morgan Legal Group, attorney Russel Morgan, Esq. reviews your full picture before recommending a single document — because every instrument in a coordinated NY plan interacts with the others.
What a Complete New York Estate Plan Covers
A properly structured plan under New York law coordinates four instruments:
| Instrument | Governing Law | Core Purpose |
|---|---|---|
| Will | EPTL §3-2.1 | Direct assets; requires two attesting witnesses, testator signs at end |
| Trust(s) | EPTL Article 7 | Avoid probate (revocable); reduce taxes or protect Medicaid eligibility (irrevocable, 5-year look-back) |
| Durable Power of Attorney | GOL §5-1513 | Financial authority; 2021 statutory short form, durable by default |
| Health Care Proxy | NY Public Health Law Art. 29-C | Medical decisions only; legally distinct from the financial POA |
The 2026 New York Estate Tax Cliff — Know Before You Plan
The NY estate tax exclusion is $7,350,000 for deaths in 2026. Estates exceeding $7,717,500 (105% of exclusion) lose the entire exemption and are taxed from dollar one at rates up to 16%. New York has no gift tax, but gifts within three years of death are added back. Proactive trust structuring — not last-minute transfers — is the specialist’s answer.
Dying without a will subjects your estate to EPTL Article 4 intestacy, which rarely matches your intentions. Serving clients across New York State — NYC, Long Island, Westchester, the Hudson Valley, and Upstate — we bring the same specialist standard to every county.
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Statutory references: EPTL §3-2.1 · EPTL Art. 7 · GOL §5-1513 · NY Public Health Law Art. 29-C · NY Estate Tax 2026
Further reading from Morgan Legal Group: why estate planning is so important.