Residents of Manhattan are increasingly relying on their parents to purchase or transfer properties to them.

According to new data from Attom, 28% of Manhattan home sales in 2023 involved trusts, a sharp increase from 17% just three years prior. While not all trust transactions include parents and children, they have become a go-to tool for wealth transfers, offering benefits such as reduced estate taxes, limited gift tax exposure, and increased privacy.

The surge reflects a broader shift in real estate financing, driven by a combination of rising ...