A 2025 Guide to Estate Planning for Upper West Side Residents (10023)
If you are a resident of the 10023 zip code and are searching for an “estate planning attorney near me,” you already know that your family’s legacy is unique. Estate planning on the Upper West Side is not a generic task. It is a highly specialized field focused on defending significant, complex assets from the most aggressive tax and legal threats in the nation.
Your “estate” is not just a simple bank account. It is a high-value co-op near Lincoln Center, a diversified investment portfolio, or a lifetime of accumulated wealth. As an expert New York attorney with many years of experience, I am Russel Morgan, and my firm, Morgan Legal Group, has successfully guided over 1,000 families through the complexities of New York estate law. We understand the specific challenges faced by residents in 10023.
In 2025, the stakes have never been higher. A “ticking time bomb” in the federal tax code is set to detonate on January 1, 2026, threatening to vaporize millions of your legacy in a 40% federal tax. A simple will is not a plan; it is a direct ticket to the New York County Surrogate’s Court and a multi-million dollar disaster. This 2025 guide is written specifically for you. It details the 2025/2026 crisis and the advanced strategies required to build a true fortress around your assets.
Estate Planning for 10023: The High-Stakes Risks
Why is planning in the 10023 zip code different? Because your assets are unique and your tax exposure is the highest in the nation. Your plan must defend against three primary enemies.
Enemy #1: The 2026 Federal Estate Tax “Sunset” (The Tax Cliff)
This is the most urgent threat to your legacy. The 2017 Tax Cuts and Jobs Act (TCJA) temporarily doubled the federal estate tax exemption. In 2025, this exemption is a historic high of $13.61 million per person. This has kept the 40% federal tax at bay for most families.
On January 1, 2026, this law “sunsets.” The exemption will be cut in half, dropping to a projected $7 million. For a 10023 resident, this is a financial catastrophe.
Case Study 1: The “Simple Will” Disaster
Meet a couple on West 72nd Street. Their assets:
- $4M Co-op
- $8M Investment Portfolio
- $3M in other assets (art, vacation home)
- Total Estate: $15 Million
In 2025: Their $15M estate is comfortably *under* the $27.22M federal exemption. They owe $0.
In 2026: The federal exemption drops to ~$14M. Their $15M estate is now $1M over the limit. This triggers a $400,000 federal tax bill that did not exist before.
This $400,000 tax is a direct result of inaction. 2025 is your last “use it or lose it” window to act.
Enemy #2: The New York “Double Whammy” (The NYS Cliff Tax)
Even worse, New York has its *own* separate estate tax.
- The NYS Exemption: A mere $6.94 million.
- The “Cliff”: If your estate is just 105% over this limit (approx. $7.28M), you don’t pay tax on the overage. You lose the entire exemption and pay tax from dollar one. A $7.3M estate will pay a staggering $684,000 tax bill.
- No Portability: NY does not allow a surviving spouse to “port” the deceased spouse’s $6.94M exemption. A “simple will” leaving everything to a spouse *wastes* the first exemption, pushing the survivor over the cliff.
For our $15M couple, the NYS tax bill alone (on top of the federal tax) would be over $1.98 million. This is a combined tax liability of over $2.3 million, all because of a “simple” plan. As our 900+ positive online reviews show, clients are deeply relieved when we solve this exact problem for them.
Enemy #3: The Probate Nightmare (New York County Surrogate’s Court)
If your plan relies on a Will alone, your entire estate will be dragged into the New York County Surrogate’s Court. Based on our 1,000+ cases, we know this is a disaster.
- It’s Public: Your $4M co-op, your investment portfolio, your beneficiaries—all become public record.
- It’s Slow: Probate in New York City can take 1-2 years. Your assets are frozen.
- It’s Expensive: Executor commissions and legal fees can cost your family 3-7% of your estate’s value.
The 10023 Asset Protection Playbook: Advanced Solutions
A “simple” plan fails these tests. Residents of the Upper West Side require sophisticated, customized strategies. Here is the playbook we use to protect our high-net-worth clients.
The Problem: Your High-Value Co-op
A co-op is not “real property.” It is shares in a corporation. This creates unique challenges. A simple will *guarantees* your co-op will be dragged into the New York County Surrogate’s Court. Your Executor will be stuck for 1-2 years, paying maintenance on a frozen asset, all while the co-op board has the power to reject your chosen heir.
The Solution: A Revocable Living Trust + Co-Op Expertise
A Revocable Living Trust is the “gold standard” to avoid probate. We transfer your assets, *including your co-op shares*, into the trust. This is a highly specialized process that most lawyers do not know how to handle. It requires negotiating with the co-op board and using a specific “Aztech Recognition Agreement.” Our firm has handled this for hundreds of UWS co-ops.
- It Avoids Probate: The trust owns the co-op, so there is no court. Your heirs get access privately and immediately.
- It Preserves the “Step-Up”: Your heirs inherit the co-op at its date-of-death value, wiping out all capital gains tax.
- It Provides Incapacity Protection: If you are incapacitated, your chosen trustee steps in, avoiding a humiliating guardianship.
The Problem: The 2026 Federal Tax Cliff (Your #1 Threat)
You cannot use a Revocable Trust to save on estate taxes. It is invisible to the IRS. To fight the 40% tax, you *must* use your $13.61M exemption in 2025 before you lose it. This requires *Irrevocable* Trusts.
Solution 1: The Spousal Lifetime Access Trust (SLAT)
This is the #1 strategy for married couples in 2025.
- You (Spouse A) make a large gift (e.g., $10M) to an *Irrevocable Trust*. This uses your high $13.61M exemption before it’s lost.
- The beneficiary of this trust is your spouse (Spouse B).
- The “Magic”: The $10M (and all its future growth) is out of your estate, safe from the 40% tax. But, your spouse can still receive distributions. The money is not “gone.” It is protected for your family’s benefit.
Solution 2: The Irrevocable Life Insurance Trust (ILIT)
That $5M life insurance policy you own? It is 100% part of your taxable estate. An ILIT is a trust created to own that policy. You make gifts to the trust, the trust pays the premiums. When you pass, the $5M death benefit is paid *to the trust*—100% free from all estate taxes. This tax-free cash can then be used to pay any NYS taxes, saving your children from a fire-sale of your art or real estate.
The Problem: Protecting Your Heirs (An Asset Protection Trust)
You’ve worked a lifetime to leave an inheritance. But what if your child gets divorced, sued, or has a creditor problem? A simple inheritance will be lost. We draft our trusts to hold your child’s inheritance in a protected sub-trust for their *lifetime*. This means the money is available *to* them, but not *to* their creditors or a future ex-spouse. This is the ultimate gift of financial security.
The “Must-Have” Incapacity Documents for 10023 Residents
What if you have a stroke and are incapacitated for 10 years? Your will does nothing. Your wealth is frozen. Your family is powerless. They will be forced to file a public, expensive guardianship (Article 81) to manage your affairs. A complete plan *must* include these documents.
1. The New York Durable Power of Attorney
This is the most important document for while you are alive. It appoints a financial “agent” to manage your affairs. New York has one of the *strictest* POA forms in the country. A “DIY” form is a recipe for disaster; banks will reject it. This document is your frontline defense against a guardianship.
2. The Statutory Gifts Rider (SGR)
This is the “engine” of your POA. A standard POA *does not* allow your Agent to make gifts. This is a catastrophe for 10023 residents. Without an SGR, your agent *cannot* perform the 2025 “use it or lose it” tax planning if you are incapacitated. Your entire $13.61M exemption could be wasted. This is a non-negotiable part of our planning.
3. The Health Care Proxy & Living Will
These documents protect *you*.
- Health Care Proxy: Appoints an Agent to make medical decisions for you. Without it, your family is locked out by HIPAA laws.
- Living Will: States your wishes for end-of-life care, removing that agonizing burden from your family’s shoulders.
The “Other” Crisis: Planning for Your Aging Parents (Medicaid)
Many of our 10023 clients are also managing the care of their aging parents. They are shocked to learn that Medicare does not pay for long-term care, which costs over $20,000 per month. Medicaid is the only solution, but New York is implementing a 30-month “look-back” for home care.
Our firm’s elder law practice is essential for this. We use Medicaid Asset Protection Trusts (MAPTs) to protect a parent’s home from being seized by the nursing home, *before* it’s too late. This is a critical, separate part of estate planning that we handle for many “sandwich generation” clients.
Why Choose Morgan Legal Group as Your 10023 Attorney?
You do not build a high-net-worth legacy by using “simple” solutions. You do not protect it with one, either.
- An online form cannot handle a UWS co-op.
- A general practitioner does not know how to draft a SLAT to fight the 2026 tax cliff.
- A “DIY” POA will be rejected by your bank.
Our firm’s experience with over 1,000 successful cases, and our 900+ positive online reviews, give us the deep, practical expertise (E-E-A-T) that 10023 residents require. We are not just document drafters; we are architects of a legal fortress. We know the law, we know the stakes, and we know the New York County Surrogate’s Court. We are the team you want in your corner.
Do not let your legacy be a cautionary tale. Schedule a confidential consultation with our expert team today. You can read our Google reviews, and then call us to get the peace of mind you deserve.
For more information on the federal estate tax and the upcoming 2026 changes, you can visit the IRS Estate Tax Page.
