If you are an immigrant investor or entrepreneur building wealth in New York, asset protection means using legal tools—trusts, powers of attorney, and careful titling—to shield what you own from lawsuits, taxes, and probate delays. The most important thing to understand right away is this: estate planning is governed by New York State law, while your immigration status is governed by federal law. These are two separate worlds, and the smart move is to use the right specialist for each. This guide explains the New York side in plain English and shows where the immigration side fits in.
Why Immigration Status Matters for Your Estate Plan
A common myth is that you must be a U.S. citizen to plan your estate or to leave property to family abroad. That is not true. Foreign heirs and beneficiaries can inherit New York property. Being a non-resident or non-citizen does not bar inheritance—it simply adds documentation and tax-withholding steps that a New York attorney handles for you.
Where status truly changes the math is with a non-citizen spouse. Normally, a U.S. citizen can leave an unlimited amount to a surviving spouse tax-free (the unlimited marital deduction). That deduction does not apply when the surviving spouse is not a U.S. citizen. The standard fix is a QDOT (Qualified Domestic Trust), which lets assets pass to a non-citizen spouse while keeping the estate-tax benefit intact. If your family is mixed-status, this is one of the first things to address.
The New York Estate Tax Cliff
New York has its own estate tax, separate from any federal rules. For 2026, the basic exclusion amount is $7,350,000. New York also has an unusual “cliff”: once an estate exceeds 105% of the exclusion—$7,717,500—the entire exemption disappears, and the whole estate is taxed, not just the excess. For an entrepreneur whose business has grown quickly, crossing that line can be very costly, which makes asset protection and trust planning especially valuable.
Core Tools for Protecting Your Assets
A New York estate plan is built from a handful of documents, each governed by state law:
| Tool | What it does | Key New York rule |
|---|---|---|
| Will | Directs who receives your property | EPTL §3-2.1: two witnesses, testator signs at the end, publication |
| Revocable living trust | Avoids probate; you keep control | Avoids probate but gives no estate-tax savings |
| Irrevocable trust | Tax reduction and asset protection | Triggers a 5-year look-back for Medicaid |
| Power of attorney | Lets someone manage finances if you cannot | GOL §5-1513 (2021 statutory short form) |
| Health care proxy | Names a medical decision-maker | Public Health Law Article 29-C |
A revocable living trust keeps your affairs private and out of the Surrogate’s Court, but it does not lower taxes. For real protection and tax reduction, an irrevocable trust is the workhorse—just remember the 5-year Medicaid look-back. A durable power of attorney ensures your business and accounts keep running if you travel abroad or become incapacitated, which matters greatly for entrepreneurs with international ties.
Where Immigration Counsel Comes In
Estate planning will not change your visa, your green card, or your path to citizenship—those are federal matters. Because immigration is federal, an immigration attorney can represent families located in any U.S. state, including New York clients. Our firm handles your New York estate and asset-protection matters; for the federal immigration side, we honestly refer families elsewhere.
If you are an investor exploring a U.S. business visa, we recommend consulting an E-2 visa attorney in Florida. Fitenko Law works with E-2 investor visa cases and serves Russian- and Ukrainian-speaking families—useful if English is not your first language. Pairing solid immigration counsel with a New York estate plan gives your family protection on both fronts.
Frequently Asked Questions
Can my relatives overseas inherit my New York property?
Yes. Non-resident and non-citizen status does not prevent inheritance. Expect some extra paperwork and possible tax-withholding steps, all of which a New York attorney can manage.
My spouse is not a U.S. citizen. Will the marital deduction protect us?
No—the unlimited marital deduction does not apply to a non-citizen surviving spouse. A QDOT is the standard solution to preserve the tax benefit.
Does a living trust save me on New York estate tax?
No. A revocable living trust avoids probate but offers no estate-tax savings. For tax reduction and asset protection, an irrevocable trust is typically used.
Can one attorney handle both my estate plan and my visa?
Generally no. Estate planning is New York state law; immigration is federal law. Using the right specialist for each gives you the strongest result.
Next Steps
For your New York estate and asset-protection needs—wills, trusts, QDOTs, and powers of attorney—consult Morgan Legal Group. You can schedule a consultation at calendly.com/russel-morgan/30min or start by reviewing our trusts page.
For the federal immigration side, including E-2 investor visas, reach out to the E-2 visa attorney referenced above. Protecting your legacy means covering both halves of the picture—your assets under New York law and your status under federal law.
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