New York's trusts and estates bar developed alongside the fortunes of the late nineteenth century, and several of the firms that served those families still practise. Milbank, Proskauer, Carter Ledyard and Milburn and Patterson Belknap all appear in Chambers High Net Worth, and each runs a private client group that sits next to a large corporate, tax or litigation practice.
The work is shaped by two tax systems. The federal estate and gift tax exemption is USD 15 million per person from 2026, while New York levies its own estate tax with a far lower exemption, roughly USD 7 million, and a cliff: an estate that exceeds the exemption by more than 5 percent loses it entirely. Planning therefore often involves lifetime gifts, trusts sited in other states, and careful attention to residence.
Disputes go to the Surrogate's Court in each county, and Manhattan's court handles a disproportionate share of contested estates involving art, real estate and family companies. Several of the firms listed here act in litigation as well as planning.
What to Look For in a New York Legal Professional
- A Chambers High Net Worth ranking or comparable independent recognition for private wealth work
- Experience with both federal and New York estate tax, including the New York cliff
- Cross-border capability where family members or assets sit outside the United States
- Fiduciary litigation experience if a trust or estate is likely to be contested