If you reside in the village of Great Neck Estates, the prestigious enclave of Kings Point, or the historic streets near Middle Neck Road (Zip Code 11022), you are part of one of New York’s most affluent and established communities. Great Neck is not just a place to live; it is a symbol of success, known for its waterfront estates, world-class schools, and multi-generational family wealth.
However, living in 11022 comes with a unique “wealth penalty” in 2026. The high property values that define our neighborhood—where a “modest” home can easily exceed $3 million—place nearly every homeowner in the crosshairs of the New York Estate Tax. Furthermore, the Nassau County Surrogate’s Court in Mineola is facing significant backlogs, meaning that without a plan, your family’s inheritance could be tied up for over a year.
I am Russel Morgan, founder of Morgan Legal Group. For over 30 years, we have advised high-net-worth families across Long Island. We understand that estate planning in Great Neck requires more than a simple Will; it requires sophisticated tax mitigation and asset protection strategies. This guide is your roadmap to securing your legacy in Nassau County.
The 11022 Challenge: High Real Estate Values vs. The “Cliff”
The primary threat to Great Neck families in 2026 is the disconnect between your “paper wealth” and the aggressive tax laws of New York State.
The New York Estate Tax “Cliff”
New York has an estate tax exemption of approximately $6.94 million.
The Trap: In many parts of the country, this is a high bar. In Kings Point or Great Neck Estates, it is easily crossed. A single family home, a vacation property in the Hamptons, and a retirement portfolio can push you over the limit.
The Consequence: New York has a “Cliff.” If your estate exceeds the exemption by just 5%, you lose the exemption entirely. You are taxed on the entire estate, not just the overage.
Example: An estate worth $7.5 million could face a tax bill of over $600,000. That is, the immediate cash that your family must pay to Albany within 9 months of your death.
The Solution: Credit Shelter Trusts & SLATs
For our clients in 11022, we often utilize:
- Credit Shelter Trusts: To ensure both spouses utilize their full exemptions, effectively doubling the tax-free amount to nearly $14 million.
- SLATs (Spousal Lifetime Access Trusts): To move appreciating assets out of your taxable estate while you are alive, locking in the exemption before the 2026 federal “sunset.”
Avoiding the Nassau County Surrogate’s Court
If you pass away with a Will (or no Will) in Great Neck, your estate goes to the Nassau County Surrogate’s Court at 262 Old Country Road in Mineola.
The Probate Bottleneck
Nassau County has a population larger than many states. The court is inundated.
The Delay: A standard probate proceeding in Nassau can take 9 to 15 months.
The Risk for 11022 Homeowners: While the court delays, your home’s carrying costs continue. In Great Neck, property taxes are among the highest in the nation. Your heirs cannot sell the house to stop the bleeding until the Judge signs the decree.
The Trust Advantage
We advise Great Neck residents to establish a Revocable Living Trust.
By retitling your home into the Trust, you bypass the Mineola courthouse entirely.
- Privacy: Your financial affairs remain private (Probate records are public).
- Speed: Your Successor Trustee can list the house for sale immediately.
- Cost: You avoid the statutory executor commissions (approx. 5% of the estate).
Protecting Assets from Long-Term Care (Medicaid)
Great Neck has a thriving senior population. But the cost of aging here is astronomical. A private room in a high-end nursing home on the North Shore can cost $22,000 per month.
The Myth of “I Have Too Much Money”
Many Great Neck residents assume they are too wealthy for Medicaid planning.
The Reality: Unless you have $5 million+ in liquid cash, burning through $250,000 a year for care will erode your legacy fast.
The Strategy: We use Medicaid Asset Protection Trusts (MAPT). By moving your home into this trust five years before you need care, you protect the equity. You keep the right to live there, you keep your Senior Freeze/STAR exemptions, but the asset is shielded from nursing home costs.
Business Succession for Great Neck Entrepreneurs
Zip code 11022 is home to many business owners, doctors, and professionals.
The Danger: If you are the sole signatory on your business account and you become incapacitated, your business freezes. Payroll cannot be met.
The Fix: We draft comprehensive business succession plans, often integrating your business interests into your Trust so that operations continue seamlessly without court interference.
Why Choose Morgan Legal Group for 11022?
You searched for an “Estate planning attorney near me 11022” because you need someone who understands the stakes of high-net-worth planning in Nassau County. Here is why Morgan Legal Group is the preferred choice:
- Tax Sophistication: We don’t just write Wills; we engineer tax strategies to defeat the NY Estate Tax Cliff.
- Local Knowledge: We know the specific requirements of the Nassau County Surrogate’s clerks and how to navigate local real estate issues.
- Asset Protection: We specialize in shielding wealth from creditors, lawsuits, and long-term care costs.
Your Next Steps
Living in Great Neck is a privilege that comes with significant responsibility. Don’t let the government inherit the wealth you built for your family.
Secure your legacy today. Schedule a consultation with Morgan Legal Group. Whether you need to protect a waterfront estate in Kings Point or plan for retirement in Great Neck Estates, we are your local legal experts.
For more information on property tax exemptions in our county, visit the Nassau County Department of Assessment website.
