ElectiveShareStatute

ElectiveShareStatute - Elective Share Statute [5-1.1A]: 1....

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Elective Share Statute [§5-1.1A]: 1. Amount of Elective Share-The greater of $50,000 or 1/3 of Net Estate Decedent’s estate is reduced by debts, administration expenses and reasonable funeral expenses, NOT estate taxes. Surviving spouse’s intestate share is always going to be larger than the elective share unless the augmented estate includes substantial testamentary substitutes 2. Elective Share is Reduced by the Value of Outright Dispositions to Spouse Spouse is entitled to the “net” elective share which is 1/3 of the net estate minus the value of outright dispositions passing to the spouse under the will. 3. Terminable interests do not count against Elective share Life estate that terminates on the spouse’s death is NOT applied to reduce the elective share—remainders following are accelerated. If you take the elective share then you are renouncing the income to life (LE) and the remainder takes the rest. NY does not permit common law marriages and surviving partner of a homosexual relationship is not a surviving spouse. Right of election only if deceased was a NY domiciliary What does the Net Estate Include ? “Net estate” includes certain testamentary substitutes sometimes refer to the net estate enlarged by testamentary substitutes as the augmented estate . Irrevocable dispositions made more than 1 year before death (or before
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This note was uploaded on 04/17/2008 for the course LAW ? taught by Professor Harmon during the Spring '08 term at Touro NY.

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ElectiveShareStatute - Elective Share Statute [5-1.1A]: 1....

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