Probate

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

Probate does not have to be the scary process which many people have assumed after horror stories they heard from friends or saw in the media. If there is a surviving immediate family the probate can usually be accomplished in a few weeks time. In New York, the fee for the probate is on a sliding scale, depending on the size of the estate. Sometimes the attorney can even bring what is called a small estate administration with very minimal court costs.

The main reasons to avoid probate are when there is no immediate family, where it is anticipated that a family member will contest the Will, or where the estate includes real estate located in more than one state.

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.