Our estate planning and elder law office can be easily reached by people that reside in Mendon, New York. This Monroe County town is a rich repository of history. People settled in the area during the latter part of the 18th century, and it became a town in a formal sense in 1813.
There are no less than nine locations in town that are listed on the National Register of Historic Places. These would include the Whitcomb Cobblestone Farmhouse, Mendon Presbyterian Church, and Miller-Horton-Barben Farm, just to name a few.
It is a physically beautiful place, so locals have access to some fantastic outdoor activities. A major centerpiece on this level is Mendon Pond Park, which is sprawled out over nearly 25 acres. This local treasure is the largest park in Monroe County, and it is designated as a National Natural Landmark.
Without question, it is a great place to call home in its own right, and everything that the metropolitan area has to offer is nearby. We have many clients from Mendon, and we look forward to making new local connections as time goes on.
The Probate Process
If you use a last will to state your final wishes as a resident of Mendon, the executor that you name in the document would be required to admit the will to probate. The court would subsequently provide supervision during the estate administration process.
The Monroe County Surrogate’s Court is responsible for probate matters in Mendon. It is located in Rochester at 99 Exchange Blvd., on the fifth floor of the Hall of Justice. The hours of operation are 9:00 a.m. to 5:00 p.m., and the office can be reached by phone at 585-371-3310.
Estate Tax Efficiency for Mendon, New York Residents
Locals are well aware of the fact that Mendon is a very affluent town. It is a great feeling to reach your financial goals, but there is one challenge that high net worth individuals face when it comes to estate planning. There are estate taxes to contend with, and they can take a heavy toll on your legacy.
On the federal level, the maximum rate of the estate tax is a whopping 40 percent. The federal estate tax is applicable on the portion of your estate that exceeds the amount of the credit or exclusion. At the time of this writing in 2019, the exclusion stands at $11.4 million. There are ongoing annual adjustments to account for inflation, so it gets a bit higher every year.
The estate tax is applicable on asset transfers to anyone other than your spouse, because there is an unlimited estate tax marital deduction. This is true if your spouse is an American citizen; noncitizen spouses are not included.
In addition to the federal estate tax, there are 13 states in the union that have state-level estate taxes. As luck would have it, people in Mendon have to be concerned, because there is a New York state estate tax. Plus, the exclusion is much lower than the federal exclusion. As a result, you could be exposed on the state level even if you are exempt from the federal levy.
The New York exclusion is $5.74 million right now, and like the federal exclusion, there are annual inflation adjustments. The maximum rate of the tax is 16 percent.
As we have stated, the federal estate tax is only levied on the portion of your estate that exceeds the amount of the exclusion. Things are different for many people that have to pay the New York estate tax. If the taxable value of your estate exceeds the exclusion amount by more than 5 percent, the entirety of your estate is subject to taxation. This is referred to as the New York state estate tax “cliff.”
Schedule a Consultation Today!
These taxes are a looming threat to your legacy, but there are strategies that can be implemented to mitigate your exposure. We would be more than glad to gain an understanding of your financial position and explain your options if you have estate tax concerns. And of course, our doors are open to Mendon residents that do not face estate tax exposure.
You can schedule a consultation right now if you give us a call at 585-374-5210. There is also a contact form on this website that you can use to send us a message.