New Yorkers come to us with remarkably consistent concerns before scheduling an estate-planning appointment. Below are the questions we hear most often — answered honestly, with the law behind each one.
What New Yorkers Ask Most
“Do I actually need a trust, or will a will do?”
A will is public and must be probated in Surrogate’s Court. A trust is private and bypasses probate entirely. See our Trust vs. Will guide for a side-by-side breakdown.
“Can I still control my assets if I put them in a trust?”
With a revocable living trust — yes. Under EPTL Article 7, a grantor retains full authority to amend or revoke during their lifetime. The trade-off: those assets remain in your taxable estate.
“I want to reduce estate taxes. Which trust does that?”
An irrevocable trust. Once transferred, assets generally leave your taxable estate — critical given New York’s 2026 basic exclusion of $7,350,000 and a steep cliff: estates exceeding 105% of the exclusion ($7,717,500) lose the entire exemption.
“My child receives Medicaid. Will a trust affect her benefits?”
A properly drafted Supplemental Needs Trust under EPTL 7-1.12 preserves means-tested benefits. Assets held in a qualifying SNT do not count against Medicaid or SSI eligibility.
“Who watches over the trustee?”
Every trustee in New York carries fiduciary duties under EPTL Article 11-A: the prudent-investor standard, undivided loyalty to beneficiaries, and a duty to account. Learn more in our Trust Administration overview.
2026 New York Estate Tax at a Glance
| Threshold | Effect |
|---|---|
| Estate ≤ $7,350,000 | Full exclusion — no NY estate tax |
| $7,350,001 – $7,717,500 | Partial benefit; cliff risk zone |
| Estate > $7,717,500 | Entire exclusion lost; full NY tax applies |
Source: New York Tax Law
Ready to plan? Russel Morgan, Esq. serves clients across New York — NYC, Long Island, Westchester, the Hudson Valley, and Upstate. Start with our Trusts Overview or book directly below.
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