Legal Question in Tax Law in New York

I am the executor and beneficiary of my brothers estate worth less than $ 1,000,000. Can I not take any of the assets and instead distribute them to my and my brothers nieces and nephews? He is a NY State resident and I am a resident of Fla. My concern is not to occur any extra tax liabilities passing the assets from me to our nieces and nephews.

Thank you.

Bill S.


Asked on 2/13/14, 9:55 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Unless the Will provides oitherwise, anyone can renounce, in full or in part, his/her interest in an estate. Under NY law (N.Y. EPT. LAW � 2-1.11 : NY Code - Section 2-1.11: Renunciation of property interests) this can be done, if done pursuant to the law. Thus, you and your brother, if acting timely and properly, can renounce your interests and distribute the assets to the decedent's children.

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Answered on 2/13/14, 1:08 pm


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