Many states don't count certain property when they set out small estates limits. There are three common kinds of property that is excluded in this way. The amounts each states' laws set for each kind of excluded property differs, but the concept is similar.
A "homestead" is the name for legal protections that states offer to a certain amount of equity in a person's primary residence. This differs from state to state, but the basic idea is that a person's homestead property is protected for their spouse and children and, in some states, safe from creditors.
Exempt property refers to property that is set aside to be safe from creditors.
A Family Allowance, like it sounds, is property (cash and belongings) that are set aside to be available to a surviving spouse and minor children so that they have resources to live on before the probate is completed.
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In probate law in New York, what protections from creditors claims are afforded by such things as "homestead" and "family allowance?"
Are there allowances or exclusions in the small estate limits for "homestead" or a "family allowance". Please provide references and citations to New York law.
And are these limits adjusted for inflation? if so, please provide the current amounts and links to where the current amounts are published.
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Generated by Gemini, March 26, 2024
In New York probate law, unlike California and Texas, the value of a homestead and a family allowance are not excluded when calculating the total estate value for the small estate affidavit procedure.
Here's a breakdown with references for New York:
Homestead and Family Allowance:
- The value of the decedent's homestead and any family allowance granted are included in the total estate value for purposes of the New York small estate affidavit. ([SCPA Article 1301])
Reference:
- New York Surrogate's Court Procedure Act (SCPA): [New York Surrogate's Court Procedure Act ON FindLaw codes.findlaw.com] (Article 1301)
Key Points:
- New York's small estate affidavit threshold is for estates valued at $30,000 or less.
- Since homestead and family allowance are included in the calculation, this might limit the applicability of the small estate procedure in situations where these allowances are significant.
Recommendation:
- If you're unsure about your eligibility for the small estate affidavit in New York due to a homestead or family allowance, consulting with a New York probate attorney is highly recommended. They can assess your specific situation and advise on alternative probate options if needed.
Generated by Perplexity, March 26, 2024