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SECTION A: BRIEF SURVEY OF THE LOCAL SYSTEM SECTION A: BRIEF SURVEY OF THE LOCAL SYSTEM
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1. Type of System 1. Type of System
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2. Wills 2. Wills
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3. Intestacy 3. Intestacy
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4. Freedom of Testation 4. Freedom of Testation
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5. Maintenance 5. Maintenance
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6. Community Property between Husband and Wife 6. Community Property between Husband and Wife
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7. Joint Property 7. Joint Property
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8. Gifts (Inter Vivos) 8. Gifts (Inter Vivos)
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9. Capacity 9. Capacity
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10. Authority (Court, Notarial, or Other) 10. Authority (Court, Notarial, or Other)
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11. Probate of a Will 11. Probate of a Will
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12. Letters of Administration in Intestacy 12. Letters of Administration in Intestacy
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13. Invalidity of Will 13. Invalidity of Will
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14. Simultaneous Death 14. Simultaneous Death
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15. Presumption of Death 15. Presumption of Death
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16. Estate Taxes 16. Estate Taxes
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Federal Transfer Taxes Federal Transfer Taxes
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Federal Estate Tax Federal Estate Tax
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Gift Tax Gift Tax
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Generation-Skipping Transfer Tax Generation-Skipping Transfer Tax
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New York State Transfer Taxes New York State Transfer Taxes
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17. Administration of Estates 17. Administration of Estates
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18. Domicile/Nationality 18. Domicile/Nationality
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19. Charitable Giving 19. Charitable Giving
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SECTION B: APPLICABLE LAW/PROCEDURE WHERE FOREIGN ELEMENTS ARE INVOLVED SECTION B: APPLICABLE LAW/PROCEDURE WHERE FOREIGN ELEMENTS ARE INVOLVED
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1. Jurisdiction 1. Jurisdiction
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2. Applicable Law 2. Applicable Law
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3. Foreign Succession/Inheritance Orders 3. Foreign Succession/Inheritance Orders
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4. Two or More Succession or Probate Orders 4. Two or More Succession or Probate Orders
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5. Assets 5. Assets
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6. Expert Evidence 6. Expert Evidence
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7. Unity of Succession 7. Unity of Succession
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8. Formalities 8. Formalities
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9. The Hague Convention 9. The Hague Convention
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10. Wills 10. Wills
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11. Domicile/Nationality 11. Domicile/Nationality
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12. Taxation 12. Taxation
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Federal Estate Tax Federal Estate Tax
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Federal Gift Tax Federal Gift Tax
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Federal Generation-Skipping Transfer Tax Federal Generation-Skipping Transfer Tax
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Receipt of Gifts and Bequests by a US Person Receipt of Gifts and Bequests by a US Person
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New York Transfer Taxes New York Transfer Taxes
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Cite
Abstract
This chapter addresses the laws of the State of New York (including its transfer tax laws) and the federal taxation of gratuitous transfers. Many of the New York laws are codified in the Estates, Powers and Trusts Law (EPTL) and the Surrogate’s Court Procedure Act (SCPA). The chapter begins with discussing the amendment, revocation, and revival of wills. It argues that a will must be in writing, signed at the end by the testator/trix and signed by two witnesses who also write their addresses. Any material written after the testator/trix’s signature is not valid. This chapter then displays the order of intestate succession wherein the deceased leaves no valid will. It also reviews the freedom of testation under the State of New York laws, highlighting that the surviving spouse of a decedent is entitled to an elective share from the estate equal to the greater of one-third of the net estate. Ultimately, the chapter considers a provision by which a spouse or children can claim maintenance from a deceased’s estate.
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