I once sat across from a Woodside woman who had just lost her father, only to learn during our meeting that her older brother had received a down payment toward his house years earlier that the rest of the family knew nothing about. What should have been a straightforward estate turned into months of tension, and eventually a filing in Surrogate’s Court. I see this pattern often in families across Maspeth, Elmhurst, and the rest of Queens.
Myth: A Gift Is Always Separate From the Estate
In reality, a gift made years before death can still resurface during probate. If a parent gives one child a large sum toward a house while leaving the will to divide “everything equally,” the surviving children often expect that earlier gift to be factored into the final distribution. Without documentation showing the parent’s true intent, this misunderstanding regularly ends up in Surrogate’s Court.
Common Mistakes I See Queens Families Make
- Handing over cash or property with no written record of the amount or the date
- Assuming a verbal promise between siblings will hold up later
- Not realizing that forgiving a debt is itself considered a gift
- Waiting until a health crisis to make large transfers, which can raise questions about capacity
How the IRS and New York State View Large Gifts
The Internal Revenue Service permits individuals to give a set amount per person each year without triggering federal reporting requirements, though larger gifts often still need to be reported. New York State does not impose its own gift tax, but gifts made within three years of death can, in certain circumstances, be pulled back into the estate for New York estate tax purposes. That is why I advise clients to talk with an estate attorney before making a substantial gift, not after the fact when options are far more limited.
Why Local Families Should Plan Ahead
I have worked with families throughout Ridgewood, Middle Village, and the surrounding Queens communities who came to me only after a gifting dispute had already divided siblings. A short conversation with a lifetime gifting attorney before a transfer is made can prevent years of family strain and legal expense down the road. Planning ahead protects both your generosity and your family’s relationships.
If your loved one made significant gifts before passing that now need to be accounted for in the estate, contact Roman Aminov today for a free phone consultation.
Contributed by Dan Rose, a local business writer specializing in estate and gift tax planning services in New York City.
Roman Aminov Estate Law firm of Queens
147-17 Union Tpke, Kew Gardens Hills, NY 11367, United States
P59P+93 Kew Gardens Hills, Queens, NY, USA
Visit The Lifetime Gifting Attorney In NYC Official Site
Get directions to this featured business now by using the Map Link below.