Estate Planning

Federal

Far fewer estates are now subject to estate tax, because the federal exemption is $13.61 million for 2024. However, unless Congress acts on January 1, 2026 the exemption will be reduced to approximately 5 million, indexed for inflation.

New York

For New York State residents the New York Estate tax exemption is currently $6,940,000. However, the state tax exemption becomes zero if the taxable estate exceeds 105% of this amount. Thus careful planning is needed when assets approach the maximum exemption amount.

Estate Planning can be just as important for middle-class families. Call Bob for a complete explanation and how these rules affect your particular situation.

(914) 328-1222 E-mail Bob

Many people mistakenly believe estate planning begins when you’re close to retirement. They also believe Medicaid pays for unlimited in-home care and assisted living facilities, if needed. Quite the contrary. The earlier you begin to create and act on a plan, the more stable and prosperous your retirement is likely to be. Who will make decisions for you medically and financially if you can’t do so for yourself? What will become of your home? How will you pay for assisted living if needed? Outlining your future brings a sense of peace and security that you’ll cherish.

Estate planning is not one size fits all for all families. It needs to be carefully customized to the individual circumstances of each family member. It is important that the attorney is given a complete list of the family assets and how title is held. Property which is held individually will be treated differently in an Estate Plan than title which is held jointly by two or more individuals. There are also different ways in which two or more individuals jointly hold title that needs to be coordinated with the terms of a Will or Trust.

In preparing the Estate Plan the attorney should be made aware of the relationships between family members and any special circumstances such as a disabled child, an impending divorce of a potential beneficiary or creditor problems someone may be experiencing,

The health of each family member is an important factor that is often overlooked. Health concerns may require special considerations when drawing up a Power of Attorney or a Trust. The time to start planning is now.

About Probate

Full Disclosure: This website is a form of attorney advertising. Prior results cannot and do not guarantee or predict a similar outcome with respect to any future matter, including yours, in which a lawyer or law firm may be retained.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information until an attorney-client relationship has been established.

Robert W. Shaw is licensed in New York.

Bob Shaw is available to meet with clients in the New York City metro area including the boroughs: Queens, the Bronx, Brooklyn and Staten Island; Westchester County, NY including the municipalities of White Plains, Bedford, Mt. Kisco, Yonkers, Scarsdale, Chappaqua, Harrison, Valhalla, Mt. Pleasant, and Tarrytown; Rockland County, NY including the municipalities of New City, Nyack, Nanuet, Suffern, and Pearl River; Putnam County, NY including the communities of Carmel, Brewster, Cold Spring, and Garrison; Dutchess County, NY including the municipalities of Poughkeepsie, Fishkill, Hyde Park, Wappingers Falls, and Pawling.