Manhasset Probate and Estate Administration Attorneys
Probate Attorney Serving Manhasset
Manhasset is a roughly 2.4 square mile hamlet located in Nassau County, New York. Manhasset is an unincorporated, census-designated place that is managed and administered by the Town of North Hempstead that interestingly has its’ townhall located in Manhasset.
Manhasset has a long-standing history in New York, dating back to when the Matinecock Indians had settled on the bay until the early 1600s. By 1840, the hamlet became known as Manhasset which roughly translates into “the island neighborhood,” a fitting description of the hamlet. Manhasset is an ethnically diverse area that is largely suburban with a majority of the residents being married couples. The median income in the hamlet ranges from $133,000 to $180,000, with homes priced from the $300,000s to $12,000,000.
The hamlet itself provides residents with suburban feels while still providing the ability to commute quickly to the nearby city and boroughs. Manhasset provides its residents with social activities for young and old alike, restaurants, and recreational opportunities. Manhasset is also home to Americana Manhasset, a premium open-air market that is located on the famed Miracle Mile that caters to premium brands. Manhasset is a community that formed within another community, ultimately growing into its own being where individuals and families can settle long term.
What happens during Probate and Estate Administration?
The probate and estate administration process deals with the financial affairs and distribution of assets of an individual who has passed away. This individual is commonly referred to as the ‘decedent’. Depending on whether the decedent died with or without a will, the process can take different paths. If the decedent died with a will, then a probate proceeding will be initiated when the executor that was named in the will files a petition, along with the original will, in New York’s Surrogate’s Court in the county where the decedent last resided. If the decedent passed without a will, an intestate proceeding is filed in New York’s Surrogate’s Court. This proceeding will determine the distribution of the estate in accordance with New York intestate statutes.
Manhasset residents often ask:
Is probate avoidable?
Probate is avoidable if the decedent properly planned their estate to avoid probate. One of the few ways that this can occur is through the strategic use of trusts, property that is jointly owned with right of survivorship, and payable on death accounts. During an individual’s lifetime, a person can create a living trust and transfer their assets to the trust prior to their death, title property to pass upon death, or add payable on death designations to financial accounts and insurance policies. Real estate and additional property can also be titled to pass to a joint holder automatically upon death.
Avoiding probate is very possible, however the estate must be strategically planned in order to do so. You cannot just intend that your estate pass without the need for probate, or have your loved ones agree to avoid probate: you actually have to plan in advance so that your loved ones will legally gain ownership of your assets after your lifetime without the need for a court process. If you or your loved one has already passed then it is too late to plan to avoid probate for your or your loved one’s estate. Having an experienced Probate and Estate Administration Attorney review the estate is the best way to determine whether the estate needs to be probated under New York law.
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Compassionate, Relationship-Driven Service
We believe every client deserves to be treated with dignity, patience, and genuine care. Our firm fosters long-term relationships, guiding families with warmth and empathy through emotionally sensitive matters like elder care, estate planning, and loss.
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What are estate taxes?
Estate taxes are taxes that are levied on the net value of a deceased individual’s estate prior to distribution to the heirs. Estate taxes occur at both the federal and state level, with different rates and exceptions applying to each. While some states do not have an estate tax, New York does. The current U.S. federal estate tax rate is 40%, however this rate is applied to any estate in excess of the federal estate tax exemption amount ($12,050,000 for any individual that dies in 2022) and only to the amount in excess. In New York State, Estates that are under the exemption amount of $6,020,000 in 2022 are not subject to any estate tax, but above that estates are taxed on a sliding scale with the top tax rate at 16%.
The exemption application differs greatly between federal and state law. While only the excess over the exemption amount of the estate is taxed federally, New York state law will tax the entire value of the estate if the estate exceeds the exemption amount by over 5%. This is referred to as a “cliff.” In New York, if an estate is 5% more than the exemption amount, the estate falls off the cliff and the entire estate value loses the tax exemption.
Both federal and state estate taxes exempt spouses under marital exclusion, however federal estate tax has “portability” of a spouse’s unused exemption whereas New York state does not. For illustration, for both federal and New York state estate tax purposes, when the first spouse dies, there will be no estate tax for an estate that is distributed to the surviving resident spouse, however, for federal tax purposes, with the right tax filings, the second spouse can die with an amount equal to double the federal exemption amount (over $24 million) without any estate tax regardless of the division much each had in his or her respective estate. In New York, however, it would not work the same. If a couple had $8 million collectively, and the surviving spouse inherits the full amount so that he or she dies with $8 million, the full estate would be taxed and the second spouse would not be able to combine the exemption amount with the first deceased spouse’s estate. There are ways to plan to avoid this result and consulting with an experienced estate planning attorney during lifetime can help you plan to minimize estate tax and if working with an estate, the probate and estate administration attorney can help you understand how the tax is calculated.
Contact our experienced Probate and Estate Administration Attorneys to schedule a free consultation today
The probate and estate administration process is a difficult time for everyone involved and figuring out the court system is the last thing on your mind. Navigating procedures, documents, and applicable state and federal laws by yourself can be overwhelming and stressful.
Contact our attorneys at Esther Schwartz Zelmanovitz, PLLC today so that you can have peace of mind that the process is done right from start to finish.