Estate Taxes in New York

Long Island Estate Planning Lawyer

Have questions about estate taxes and need legal guidance in New York? A Long Island estate planning lawyer at the Law Offices of Steven M. Adler, PLLC can assist you today! What information should you be privy to, if you own real estate in New York? New York's estate tax laws require specific actions to be taken for high worth estates.

If a decedent's federal gross estate, plus federal adjusted taxable gift and specific exemption are worth over $2,062,500 ($3,125, 000 effective April 1, 2015) and they were a resident of the state of New York, the fiduciary of the estate must file an estate tax form within 9 months of the decedent's passing. The state tax is progressive and ranges from 5.085% to 16%, depending on the estate's worth. The top Federal Estate tax on estates is 40% for assets owned by a decedent in excess of $5,430,000 in 2015.

Planning for the Estate Tax

Estate planning is particularly important in New York because it can reduce the amount of taxes you have to pay on the property. There are a variety of estate planning tools that can reduce or eliminate the estate tax. One option is to give money to future heirs while you are still living. The federal government allows you to give $14,000 per person every year, and if you are married, you and your spouse can give $28,000 per person annually.

In addition to tax-free gifts, you are allowed to pay the medical and education bills of another individual. You can also make gifts during your lifetime in excess of the $14,000 annual exclusion by utilizing some or all of your $5,430,000 Federal unified credit during your lifetime so that all future appreciation of gifted assets is out of your estate. Trusts can also help you avoid excess taxes, as they reduce the property that you hold by placing it in another person's hands. If you are interested in estate tax savings, you should consult a Long Island estate planning lawyer to assist you.

Benefits of Hiring a Long Island Estate Planning Attorney

If you have a large estate it may be in your best interest to provide your loved ones with their inheritance as early as possible. With over 25 years of experience, our team at the Law Offices of Steven M. Adler, PLLC can help you avoid costly estate taxes and leave as much as possible to your future heirs. Our attorneys pride themselves on taking the time to get to know our clients by personally handling each and every one of their cases. If you are interested in working directly with a lawyer who can guide you through every aspect of your estate plan and help you reduce the impact of estate taxes, contact our firm today.