--- title: "New York Estate Planning Guide (2026) | Legacy Counsel" description: "A working New York estate planning guide: wills, revocable trusts, NY Surrogate's Court, the NY estate tax cliff, co-op transfers, founders, and digital assets." lang: en json-ld: | [ { "@context": "https://schema.org", "@graph": [ { "@type": "LegalService", "@id": "https://jacobslegacycounsel.com/#legalservice", "name": "Jacobs Legacy Counsel", "alternateName": [ "Legacy Counsel by Jacobs Counsel", "Jacobs Legacy" ], "url": "https://jacobslegacycounsel.com", "description": "Fixed-fee estate planning for high-net-worth families, founders, executives, and professional athletes. Licensed in New York, New Jersey, and Ohio.", "logo": "https://jacobslegacycounsel.com/logo-dark.jpg", "image": "https://jacobslegacycounsel.com/og-image.jpg", "telephone": "+1-646-343-7227", "email": "intake@jacobscounsellaw.com", "priceRange": "Fixed-fee engagements", "address": { "@type": "PostalAddress", "streetAddress": "221 River Street, Floor 9", "addressLocality": "Hoboken", "addressRegion": "NJ", "postalCode": "07030", "addressCountry": "US" }, "areaServed": [ { "@type": "State", "name": "New York" }, { "@type": "State", "name": "New Jersey" }, { "@type": "State", "name": "Ohio" } ], "knowsAbout": [ "Estate planning", "Revocable living trusts", "Irrevocable trusts", "Dynasty trusts", "Asset protection planning", "Generation-skipping transfer tax planning", "Estate planning for professional athletes", "Estate planning for founders and executives", "QSBS planning", "Pre-liquidity estate planning", "Probate and trust administration" ], "contactPoint": { "@type": "ContactPoint", "telephone": "+1-646-343-7227", "email": "intake@jacobscounsellaw.com", "contactType": "client intake", "areaServed": [ "US-NY", "US-NJ", "US-OH" ], "availableLanguage": [ "en" ] }, "founder": { "@id": "https://jacobscounsellaw.com/about/drew-jacobs#person" }, "employee": { "@id": "https://jacobscounsellaw.com/about/drew-jacobs#person" }, "parentOrganization": { "@type": "LegalService", "@id": "https://jacobscounsellaw.com/#legalservice", "name": "Jacobs Counsel LLC", "url": "https://jacobscounsellaw.com" }, "sameAs": [ "https://jacobscounsellaw.com", "https://www.linkedin.com/company/jacobs-counsel", "https://www.instagram.com/jacobscounsel" ] }, { "@type": "WebSite", "@id": "https://jacobslegacycounsel.com/#website", "url": "https://jacobslegacycounsel.com", "name": "Jacobs Legacy Counsel", "publisher": { "@id": "https://jacobslegacycounsel.com/#legalservice" }, "inLanguage": "en-US" }, { "@type": "Person", "@id": "https://jacobscounsellaw.com/about/drew-jacobs#person", "name": "Andrew R. Jacobs, Esq.", "alternateName": "Drew Jacobs", "url": "https://jacobscounsellaw.com/about/drew-jacobs", "jobTitle": "Founder & Managing Attorney", "worksFor": { "@id": "https://jacobscounsellaw.com/#legalservice" }, "sameAs": [ "https://jacobslegacycounsel.com", "https://www.linkedin.com/in/drew-jacobs-dj32/", "https://www.instagram.com/jacobscounsel", "https://profiles.superlawyers.com/new-york-metro/hoboken/lawyer/andrew-jacobs/5765bbd8-0554-4eb5-be6d-0431db28f834.html", "https://www.avvo.com/attorneys/07030-nj-andrew-jacobs-5765bbd8.html", "https://iapps.courts.state.ny.us/attorneyservices/search?lastName=jacobs&firstName=andrew" ] } ] }, [ { "@context": "https://schema.org", "@type": "Article", "@id": "https://jacobslegacycounsel.com/new-york-estate-planning-guide#article", "headline": "New York Estate Planning Guide (2026) | Legacy Counsel", "description": "A working New York estate planning guide: wills, revocable trusts, NY Surrogate's Court, the NY estate tax cliff, co-op transfers, founders, and digital assets.", "mainEntityOfPage": "https://jacobslegacycounsel.com/new-york-estate-planning-guide", "url": "https://jacobslegacycounsel.com/new-york-estate-planning-guide", "inLanguage": "en-US", "datePublished": "2026-06-30", "dateModified": "2026-06-30", "author": { "@type": "Person", "name": "Drew Jacobs", "url": "https://jacobslegacycounsel.com/about" }, "publisher": { "@type": "Organization", "name": "Legacy Counsel by Jacobs Counsel LLC", "url": "https://jacobslegacycounsel.com" }, "about": { "@type": "Thing", "name": "New York estate planning" }, "articleSection": "Estate Planning Guides" }, { "@context": "https://schema.org", "@type": "FAQPage", "@id": "https://jacobslegacycounsel.com/new-york-estate-planning-guide#faq", "mainEntity": [ { "@type": "Question", "name": "Does New York have an inheritance tax?", "acceptedAnswer": { "@type": "Answer", "text": "No. New York imposes a state-level estate tax but does not have a separate inheritance tax. State tax rules are subject to change — confirm current figures with counsel." } }, { "@type": "Question", "name": "What is the New York estate tax cliff?", "acceptedAnswer": { "@type": "Answer", "text": "New York's basic exclusion is not a true exemption. If a New York estate exceeds 105% of the exclusion, the exclusion phases out entirely and the estate is taxed from the first dollar. Estates close to the threshold can save substantially through planning." } }, { "@type": "Question", "name": "Do I need a revocable trust to avoid New York probate?", "acceptedAnswer": { "@type": "Answer", "text": "A revocable living trust is the most common tool for avoiding the New York Surrogate's Court process, particularly in NYC where calendars are congested. Not every client needs one — we scope it based on facts in the initial consultation." } }, { "@type": "Question", "name": "How does NY handle a co-op apartment in an estate plan?", "acceptedAnswer": { "@type": "Answer", "text": "A co-op is shares of stock plus a proprietary lease, not real property. The cooperative board's approval is typically required for transfer to a revocable trust during life and may also apply at death. The plan has to be drafted with the proprietary lease terms in mind." } }, { "@type": "Question", "name": "What is the federal estate tax exemption?", "acceptedAnswer": { "@type": "Answer", "text": "Approximately $15 million per person in 2026, indexed for inflation, with portability available between spouses. Subject to legislative change." } }, { "@type": "Question", "name": "Does reading this guide create an attorney-client relationship?", "acceptedAnswer": { "@type": "Answer", "text": "No. This guide is general information and does not create an attorney-client relationship. Do not send confidential information until an engagement letter is signed." } } ] }, { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://jacobslegacycounsel.com/" }, { "@type": "ListItem", "position": 2, "name": "New York Estate Planning", "item": "https://jacobslegacycounsel.com/new-york-estate-planning-attorney" }, { "@type": "ListItem", "position": 3, "name": "New York Estate Planning Guide", "item": "https://jacobslegacycounsel.com/new-york-estate-planning-guide" } ] } ], { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://jacobslegacycounsel.com/" }, { "@type": "ListItem", "position": 2, "name": "NEW York Estate Planning Guide", "item": "https://jacobslegacycounsel.com/new-york-estate-planning-guide" } ] } ] --- A Practice of [Jacobs Counsel LLC](https://jacobscounsellaw.com) Serving NY · NJ · OH — Vol. 2026 [Legacy Counsel ](/) Firm Resources Estate Planning Trusts [Probate & Admin](/probate-trust-administration)[Pricing](/pricing)[Book Call](https://cal.com/drewjacobs/estate-planning)[Start Intake](/get-started) Menu 1. [Home](/) 2. NEW York Estate Planning Guide Cornerstone Guide · NY Updated June 2026 # New York Estate Planning Guide: what sophisticated families need to know. A working overview of how estate planning is actually done in New York — written for non-lawyers who want substance, not a sales pitch. Use it to prepare for a conversation with your attorney, your CPA, or your wealth team. [Start Intake](/get-started)[Book Consultation](https://cal.com/drewjacobs/estate-planning) Drew Jacobs — Admitted in NY, NJ, OH QUICK ANSWER ## The 60-second version. New York has its own **state estate tax** with a famous "cliff": exceed roughly 105% of the state exclusion and the entire exclusion disappears. There is **no NY inheritance tax**. A modern NY plan generally includes a will, a revocable living trust (especially for NYC residents avoiding Surrogate's Court delay), the 2021 Statutory Short Form Power of Attorney, a Health Care Proxy and Living Will, HIPAA authorization, and a coordinated beneficiary review. The federal basic exclusion is approximately **$15 million per person in 2026**, indexed and subject to legislative change. For NYC families, co-op transfers, the Surrogate's Court calendar, the cliff, and out-of-state property are the four most common reasons a plan goes sideways. All of them are solvable with the right drafting. IN THIS GUIDE 1. [01 What documents usually belong in a New York estate plan](#documents) 2. [02 Probate in the New York Surrogate's Court](#probate) 3. [03 Trust planning for New York residents](#trusts) 4. [04 New York estate tax — including the cliff](#tax) 5. [05 Planning for minor children](#minors) 6. [06 Planning for real estate (and co-ops)](#real-estate) 7. [07 Planning for New York business owners and founders](#business) 8. [08 Digital asset planning](#digital) 9. [09 Common New York mistakes](#mistakes) 10. [FAQ Frequently asked questions](#faq) Related - [New York estate planning attorney page](/new-york-estate-planning-attorney) - [Trusts hub](/trusts) - [Probate & trust administration](/probate-trust-administration) - [Pricing](/pricing) - [FAQ](/faq) - [Start intake](/get-started) General information only — not legal, tax, or investment advice. Reading this guide does not create an attorney-client relationship. 01 ## What documents usually belong in a New York estate plan A New York estate plan is a coordinated document set — not a single will. For most of our NY clients (Manhattan, Brooklyn, the boroughs, Westchester, and Long Island), the foundation looks like this: - **Last Will and Testament.** Must comply with New York EPTL §3-2.1: signed at the end, two witnesses, with the testator's request for them to witness. NY does not recognize self-proving affidavits the same way some states do, but properly executed wills can use a SCPA-compliant attestation. - **Revocable living trust.** Optional but commonly used to avoid the Surrogate's Court delay in NYC, to keep dispositions private, and to manage real estate across multiple states. - **Statutory Short Form Power of Attorney.** New York's POA was overhauled in 2021 and is technical. Older forms may be defective. A new POA with a properly drafted Statutory Gifts Rider equivalent (now combined into the form) is recommended for sophisticated planning. - **Health Care Proxy and Living Will.** NY uses a separate Health Care Proxy (Public Health Law §2980) plus an optional Living Will expressing end-of-life wishes. - **HIPAA authorization.** - **Beneficiary designation audit.** Retirement plans, life insurance, TOD/POD accounts, and 529s pass outside the will and must be aligned with it. - **Irrevocable trusts when justified.** ILITs, SLATs, GRATs, QPRTs, and dynasty trusts in New York or a more favorable jurisdiction, depending on tax posture. More on each instrument in our [trusts library](/trusts), and pricing in our [pricing](/pricing) overview. 02 ## Probate in the New York Surrogate's Court New York probate is handled in the **Surrogate's Court** of the county where the decedent was domiciled. In Manhattan (New York County) and the other NYC boroughs, calendars are notoriously congested. Even an uncontested probate can take months simply to obtain Letters Testamentary, and complex matters can sit much longer. Key NY-specific frictions to plan around: - **Citation and waiver requirements.** All distributees (close relatives who would inherit under intestacy) must either sign a waiver and consent or be cited, even if they are disinherited. Estranged relatives can stall the process. - **Co-op apartments.** Most Manhattan and Brooklyn co-ops are owned through proprietary leases and shares of stock. The board must consent to a transfer to a revocable trust, and to a transfer at death. Plans that ignore the board package will fail. - **Real property out of state.** Out-of-state real estate triggers ancillary probate elsewhere — another reason a revocable trust is common for NY families with second homes. - **Contested matters.** Will contests are litigated in the Surrogate's Court and may require separate litigation counsel depending on facts. 03 ## Trust planning for New York residents For NY residents, trusts are used for the standard reasons — probate avoidance, beneficiary protection, privacy, tax — and also for two NY-specific reasons: **working around the New York estate tax "cliff"** (discussed below), and **holding co-op and condo interests cleanly**. ### Common structures we draft - **Revocable living trust** — the standard backbone for clients who want to avoid the NYC Surrogate's calendar. - **Credit shelter / disclaimer trusts** for married couples to use the NY estate-tax exclusion of the first spouse to die. New York does not have full portability the way the federal system does, which makes proper trust drafting more important here than in many states. - **SLATs** for couples using federal exemption while retaining indirect access. - **ILITs** to keep life insurance outside both the NY taxable estate and the federal taxable estate. - **Dynasty trusts**, often sitused in a more favorable jurisdiction, for clients planning generational wealth transfer. 04 ## New York estate tax — including the cliff New York has its own estate tax, and it works very differently from the federal system. There is **no New York inheritance tax**. ### The New York estate tax exclusion New York maintains a state-level basic exclusion (commonly around $7 million per person and adjusted annually — confirm the current figure before relying on it). Estates under the exclusion generally owe no NY estate tax. ### The "cliff" Unlike the federal system, the NY exclusion is _not_ a true exemption. If a New York estate exceeds **105%** of the exclusion amount, the exclusion disappears entirely and the estate is taxed on the first dollar. This is the well-known NY "cliff." Even modest planning — charitable bequests, lifetime gifts, or trust structures — can produce dramatic savings for an estate sitting near the threshold. This requires careful, individualized analysis with current numbers. ### No portability between spouses (state level) Unlike the federal estate tax, NY does not allow a surviving spouse to "port" the deceased spouse's unused state-level exclusion. Married couples whose combined estate may exceed the threshold should design wills and trusts to capture both spouses' exclusions through credit shelter or disclaimer planning. ### Federal estate tax The federal basic exclusion amount is approximately **$15 million per person in 2026**, indexed for inflation, with portability available between spouses. Levels are subject to future legislation. For NY founders, executives, and concentrated equity holders, federal planning and NY planning are run together, not separately. 05 ## Planning for minor children Two decisions dominate: 1. **Guardian nomination.** Your will nominates guardians under SCPA Article 17. NY courts give weight to a parent's nomination under a best-interests standard. Always name a successor. 2. **Money for the children.** Without a trust, a minor's inheritance is generally held by a UTMA custodian under EPTL Article 7 and distributed outright at 21. For most NY families with meaningful assets, a continuing trust with a thoughtfully chosen trustee, distribution standards, and staged ages is the better path. Coordinate life insurance, 529s, and retirement accounts so they flow to the trust — not directly to the child. 06 ## Planning for real estate (and co-ops) New York real estate adds a layer most other states do not: - **Co-op apartments.** A NYC co-op is shares of stock plus a proprietary lease, not real property. Almost every co-op board package requires approval for transfer to a revocable trust, and many require notice or board action on transfers at death. Drafting must account for the lease terms. - **Condominiums.** More straightforward — usually transferred by deed to the trust with notice to the board. - **The Hamptons or upstate house.** Still NY situs, but for clients with second homes in NJ, FL, or elsewhere, a revocable trust avoids ancillary probate. - **Mortgaged property.** Most institutional lenders permit transfer to a revocable trust under the Garn–St Germain Act. Investment property and LLC interests usually require lender or member consent. 07 ## Planning for New York business owners and founders For NYC-based founders, fund principals, and operating-company owners, estate and equity planning has to be done as one workstream: - Operating agreements and shareholders' agreements frequently restrict transfers to trusts — we negotiate consents on the front end, not after death. - Buy-sell mechanics and funding (especially insurance held inside an ILIT) need to be aligned with the estate plan. - For founders pre-exit, gifting strategies (SLATs, GRATs, dynasty trusts), QSBS stacking, and NY-cliff-aware planning can move serious value. See [QSBS stacking](/qsbs-stacking) and [founders pre-exit planning](/estate-planning/founders-pre-exit). - For fund principals, carried-interest planning has its own gifting and valuation considerations. 08 ## Digital asset planning New York has adopted a version of RUFADAA at EPTL Article 13-A, giving fiduciaries a defined path to access digital assets — but only if you authorize it correctly. - Use each platform's **legacy contact / inactive account** tool first. - Include **RUFADAA-compliant grants** in your will, trust, and POA so fiduciaries can request content, not just metadata. - Maintain a **secure account inventory** (password manager access, 2FA recovery), separate from the legal documents. - For **crypto**, address custody (self-custody vs. qualified custodian), seed-phrase access for the fiduciary, and transfer mechanics in the trust. - For **creator and influencer income**, the IP and platform accounts often carry continuing value — they need to be inventoried and assigned. 09 ## Common New York mistakes 1. **Ignoring the NY estate tax cliff** when the estate is anywhere near the exclusion threshold. 2. **Assuming federal portability fixes NY estate tax** — it does not, at the state level. 3. **Co-op transfers** done without board package coordination. 4. **Old powers of attorney** drafted before NY's 2021 statutory overhaul, then rejected by banks. 5. **Stale beneficiary designations** from a prior job or pre-divorce. 6. **Out-of-state property** held individually instead of in trust, triggering ancillary probate. 7. **Trusts signed but never funded.** FAQ ## New York estate planning questions. ### Does New York have an inheritance tax? No. New York imposes a state-level estate tax but does not have a separate inheritance tax. State tax rules are subject to change — confirm current figures with counsel. ### What is the New York estate tax cliff? New York's basic exclusion is not a true exemption. If a New York estate exceeds 105% of the exclusion, the exclusion phases out entirely and the estate is taxed from the first dollar. Estates close to the threshold can save substantially through planning. ### Do I need a revocable trust to avoid New York probate? A revocable living trust is the most common tool for avoiding the New York Surrogate's Court process, particularly in NYC where calendars are congested. Not every client needs one — we scope it based on facts in the initial consultation. ### How does NY handle a co-op apartment in an estate plan? A co-op is shares of stock plus a proprietary lease, not real property. The cooperative board's approval is typically required for transfer to a revocable trust during life and may also apply at death. The plan has to be drafted with the proprietary lease terms in mind. ### What is the federal estate tax exemption? Approximately $15 million per person in 2026, indexed for inflation, with portability available between spouses. Subject to legislative change. ### Does reading this guide create an attorney-client relationship? No. This guide is general information and does not create an attorney-client relationship. Do not send confidential information until an engagement letter is signed. [Read the full FAQ →](/faq) Next Step New York ## Ready to draft your New York plan with senior counsel? Fixed-fee engagements. Initial consultations are private and conducted directly by Drew Jacobs. [Start Intake →](/get-started)[Book Consultation](https://cal.com/drewjacobs/estate-planning)[New York estate planning attorney page →](/new-york-estate-planning-attorney) **Prospective Client Disclaimer.** Submitting this form does not create an attorney-client relationship. Do not send confidential or time-sensitive information until we have signed an engagement letter. We will review your submission and follow up to discuss whether we can represent you. By submitting, you consent to be contacted about your inquiry. **Attorney Advertising.** Prior results do not guarantee a similar outcome. This guide is general information about New York estate planning concepts as of June 2026 and is not legal, tax, or investment advice. Tax laws, exemption amounts, and state rules change and may apply differently to your facts. Drew Jacobs is licensed in New York, New Jersey, and Ohio; representation depends on conflict clearance and matter fit. For matters in other jurisdictions, we coordinate with qualified local counsel. Estate Planning & Legacy Counsel Legacy Counsel by Jacobs Counsel. Fixed-fee estate planning, trusts, wills, and generational wealth strategy for high-net-worth families. [← Visit jacobscounsellaw.com](https://jacobscounsellaw.com) [(646) 343-7227](tel:+16463437227)[intake@jacobscounsellaw.com](mailto:intake@jacobscounsellaw.com) 221 River Street, Floor 9 Hoboken, NJ 07030 Practice - [Estate Planning](/estate-planning) - [Trusts](/trusts) - [Probate & Administration](/probate-trust-administration) - [Pricing](/pricing) - [For Advisors](/for-advisors) States - [New Jersey](/estate-planning/new-jersey) - [New York](/estate-planning/new-york) - [Ohio](/estate-planning/ohio) - [State Guides](/resources/state-guides) Resources - [Blog](/blog) - [FAQ](/faq) - [Estate Planning Quiz](/quiz/estate-planning) - [Checklist](/resources/checklist) Firm - [About Drew Jacobs](/about) - [Contact](/contact) - [Start Intake](/get-started) - [Book a Consultation](https://cal.com/drewjacobs/estate-planning) - [Client Questionnaire](/client-questionnaire) Notices - [Privacy Policy](/legal/privacy-policy) - [Legal Disclaimer](/legal/disclaimer) - [Attorney Advertising](/legal/attorney-advertising) © 2026 Legacy Counsel by Jacobs Counsel. All rights reserved. Attorney Advertising. Prior results do not guarantee a similar outcome. **Jurisdiction.** Drew Jacobs is licensed to practice law in New York, New Jersey, and Ohio . Estate planning is highly state-specific — laws governing wills, trusts, probate, estate and inheritance tax, and asset protection vary materially by jurisdiction. We represent clients whose residence, primary assets, or business interests are situated in NY, NJ, or OH. For matters involving other states, we coordinate with qualified local counsel. Nothing on this site constitutes legal advice or an offer to represent you in a jurisdiction in which we are not licensed.