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Lifetime gifting is often presented as a straightforward planning tool—an efficient way to reduce taxable estates and transfer wealth. In practice, however, it introduces a fundamental tension between tax efficiency and control. Once assets are transferred during life, control is, by definition, reduced or relinquished. This is not merely a legal formality. It has practical implications for access, flexibility, and future decision-making. Clients who gift aggressively may lat

The distinction between a Will and a trust is often framed in overly simplistic terms, with probate avoidance presented as the central advantage of a trust-based plan. While that can be true, the analysis is more nuanced. Probate in New York is not inherently problematic. For many estates, it is a manageable, structured process that provides court oversight and clear authority for fiduciaries. The costs and delays often associated with probate tend to arise in specific circum

Prenuptial agreements and estate plans are often drafted at different times, under different circumstances, and, in some cases, with different counsel. When these documents are not carefully coordinated, the result can be internal inconsistency that undermines both. A prenuptial agreement may address waiver of elective share rights, define separate and marital property, and establish expectations regarding inheritance. An estate plan, by contrast, governs the actual dispositi

Estate planning becomes materially more complex in the context of a blended family. Competing expectations, differing financial histories, and the presence of children from prior relationships create a dynamic that default structures cannot address. New York law, left to its own devices, applies rigid rules of intestacy that do not account for these nuances. The result is often a distribution that reflects statutory hierarchy rather than personal intent. Even where a Will exi

One of the most consequential decisions in any estate plan is also one of the least carefully considered: selecting a fiduciary. Whether serving as executor under a Will or trustee of a trust, a fiduciary is entrusted not only with administrative authority but also with discretion, judgment, and, often, the management of sensitive family dynamics. Clients frequently approach this decision through a lens of personal loyalty. A spouse, sibling, or close friend is chosen based o

Pet ownership has become one of the more nuanced issues in modern prenuptial agreement drafting. As companion animals increasingly occupy a place in clients’ lives that feels far closer to family than to property, courts have shown a growing reluctance to treat them as ordinary assets in every respect. The result is a developing legal landscape that no longer fits comfortably within traditional property analysis, even if it has not fully adopted a custody-based framework. His

Clients often assume that if a Will says, “I give my condominium located at [address] to my daughter,” the transfer is effectively automatic. The property is specifically identified. The intended beneficiary is named. Nothing appears uncertain. From a practical standpoint, many people then ask the next question: if that condominium is the only asset passing under the Will, does anyone really need to probate the Will at all? In New York, the answer is generally yes. A clause l

What is a “Trump Account” Trump accounts were established under the One Big Beautiful Bill Act (OBBBA) as federally backed, tax-advantaged investment accounts for American children born between January 1, 2025, and December 31, 2028. Designed for long-term growth, these accounts allow funds to be used after the child turns 18, functioning similarly to an IRA. The government provides an initial $1,000 contribution, and parents can continue adding funds to expand the investment

For non-U.S. persons investing in United States real estate, the Foreign Investment in Real Property Tax Act (FIRPTA) introduces a powerful compliance mechanism that operates independently of estate tax rules. In high-value transactions, its implications are immediate and material.nFIRPTA requires that when a foreign person disposes of U.S. real property, the purchaser must withhold 15% of the gross sales price  and remit it to the Internal Revenue Service. This withholding a

For individuals engaging in advance long-term care planning, the Medicaid Asset Protection Trust (MAPT) is one of the most frequently utilized structures. Properly designed and implemented, it allows assets to be repositioned in a manner that can preserve wealth while maintaining eligibility for nursing home Medicaid after the expiration of the five-year look-back period. A MAPT is not a shortcut. It is a formal legal restructuring of ownership that requires careful drafting,

For individuals planning ahead for long-term care in New York, the five-year Medicaid look-back period is the central structural constraint. It is also the most misunderstood. Medicaid eligibility for nursing home care is not determined solely by an applicant’s financial condition on the date of application. The Department of Social Services reviews asset transfers made during the preceding sixty (60) months. Any transfer for less than fair market value during that period may

If you are contemplating divorce in New York, the process can feel overwhelming. While every situation is unique, there are foundational legal principles and procedural steps that apply in nearly every case. Understanding them early can prevent unnecessary delay, expense, and conflict. 1. Grounds for Divorce New York permits both fault-based and no-fault divorce. In practice, most divorces proceed under the no-fault ground of an “irretrievable breakdown” of the marriage for a

On December 12, 2025, New York enacted the Electronic Wills Act, representing one of the most consequential modernizations of the Estates, Powers and Trusts Law in decades. The statute authorizes the execution, attestation, and filing of wills in fully electronic form, departing from the historic requirement that testamentary instruments exist solely in paper format with wet signatures and in-person witnessing. For sophisticated estate plans—particularly those involving close

In 2026, New York’s estate tax exemption is approximately $7.35 million per individual. The structure of the statute, however, is what creates planning urgency. If a decedent’s taxable estate exceeds 105 percent of the exemption—approximately $7.72 million—the exemption is eliminated entirely. The result is not incremental taxation on the excess. Rather, the entire taxable estate becomes subject to New York estate tax, with rates reaching 16 percent. This so-called “cliff” cr

Estate planning assumes a different dimension when assets, beneficiaries, or residency extend beyond the United States. For internationally connected families, a purely domestic plan—no matter how carefully drafted—may fail to account for competing tax systems, succession regimes, and administrative obligations operating simultaneously. Whether the client is a U.S. citizen with foreign real estate, a non-U.S. national holding U.S.-situs investments, or a family whose members

The decision to pursue divorce in New York involves more than filing paperwork. One of the first practical determinations is whether the matter will proceed as uncontested or contested. The distinction affects cost, timing, privacy, and the degree of court involvement in your family and financial affairs. Understanding the difference at the outset allows you to approach the process with realistic expectations and a clear strategy. What Is a Contested Divorce? A divorce is “co

Planning for Long-Term Care in New York: Preserving Assets While Securing Care The cost of long-term care in New York is substantial and continues to rise. Private-pay nursing home rates can exceed six figures annually. For families with meaningful savings, real estate holdings, or investment portfolios, prolonged care can significantly erode lifetime accumulations if planning is not undertaken in advance. Long-term care planning is not simply about qualifying for Medicaid. I

Co-ownership of real property—whether arising from inheritance, joint investment, or the dissolution of a relationship—can become untenable when owners are unable to agree on management, buyout, or disposition. When negotiations fail and stalemate persists, New York law provides a definitive remedy: a partition action. A partition action is not a tactical maneuver. It is a statutory proceeding designed to terminate co-ownership when continued joint ownership is impracticable.

In estate planning, not every lifetime gift is treated equally. Under New York law, a transfer made during life may qualify as an “advancement”—an early distribution intended to be charged against a beneficiary’s eventual share of an estate—but only if specific statutory requirements are satisfied. The distinction is critical. Without proper documentation, a substantial lifetime gift will not reduce a beneficiary’s inheritance, even if that was the donor’s informal expectatio

Proceedings in New York’s Surrogate’s Court often involve substantial financial interests, layered family structures, and multigenerational planning. In many estates—particularly those of significant size—not every interested party is in a position to protect his or her own rights. Beneficiaries may be minors, individuals under disability, or persons whose identity or location is uncertain. In those circumstances, the court may appoint a guardian ad litem (“GAL”) to ensure th