THE FAMILY EXEMPTION
The New York Estates, Powers and Trusts Law carves out a portion of a decedent's estate to assist the surviving spouse or surviving children under 21 years old. The protective carve out is known as the "Family Exemption."
Up to $92,500.00 of personal property from a decedent's estate. See EPTL 5-3.1
Exempted Personal Property
- All housekeeping utensils, musical instruments, sewing machine, jewelry (not bequeathed by will), decedent's clothing, household furniture and appliances, electronic and photographic devices, and fuel for personal use,
not exceeding in aggregate value of $20,000.00.
- Family bible/other religious books, family pictures, books, computer tapes, discs and software, DVDs, CDs, audio tapes, record albums, and other electronic storage devices, used by the family,
not exceeding in value of $2,500.00.
- Domestic and farm animals (including necessary food for 60 days), farm machinery, one tractor and one lawn tractor,
not exceeding in aggregate value of $20,000.00.
- One motor vehicle not exceeding in value of $25,000.00.
- Money (i.e., cash, checking, savings and money market accounts, certificates of deposit, marketable securities)
not exceeding in value of $25,000.00.
Surviving Spouse
The family exemption is a protective benefit that can be waived by a surviving spouse in writing (such as in a prenuptial agreement).
A surviving spouse can be disqualified by divorce, abandonment, and the other grounds listed in EPTL 5-1.2.
Exceptions
There are many exceptions to the family exemption, such as when a decedent's personal property is subject to a prior lien or other security interest. Consult with an attorney to fully understand all of the applicable alternatives and exceptions that apply to the family exemption.
The New York Estates, Powers and Trusts Law carves out a portion of a decedent's estate to assist the surviving spouse or surviving children under 21 years old. The protective carve out is known as the "Family Exemption."
Up to $92,500.00 of personal property from a decedent's estate. See EPTL 5-3.1
Exempted Personal Property
- All housekeeping utensils, musical instruments, sewing machine, jewelry (not bequeathed by will), decedent's clothing, household furniture and appliances, electronic and photographic devices, and fuel for personal use,
not exceeding in aggregate value of $20,000.00.
- Family bible/other religious books, family pictures, books, computer tapes, discs and software, DVDs, CDs, audio tapes, record albums, and other electronic storage devices, used by the family,
not exceeding in value of $2,500.00.
- Domestic and farm animals (including necessary food for 60 days), farm machinery, one tractor and one lawn tractor,
not exceeding in aggregate value of $20,000.00.
- One motor vehicle not exceeding in value of $25,000.00.
- Money (i.e., cash, checking, savings and money market accounts, certificates of deposit, marketable securities)
not exceeding in value of $25,000.00.
Surviving Spouse
The family exemption is a protective benefit that can be waived by a surviving spouse in writing (such as in a prenuptial agreement).
A surviving spouse can be disqualified by divorce, abandonment, and the other grounds listed in EPTL 5-1.2.
Exceptions
There are many exceptions to the family exemption, such as when a decedent's personal property is subject to a prior lien or other security interest. Consult with an attorney to fully understand all of the applicable alternatives and exceptions that apply to the family exemption.
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