Long Island Estate Tax Attorneys
Experienced Legal Guidance for Estate Taxes in New York
Do you have questions about estate taxes and need legal guidance in New York? Our Long Island estate tax lawyers 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.
The federal estate tax exemption rate is currently (as of 2020) set to $11,580,000. However, in New York, if a decedent’s estate exceeds $5,850,000 (for deaths occurring after January 1, 2020), the fiduciary of the estate must file an estate tax form with the state within nine months of the decedent’s passing. The state tax is progressive and ranges from 5 percent to 16 percent, depending on the estate's worth. The federal estate tax rate is currently at 40 percent on any amount over the exemption.
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 real estate and other 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 $15,000 per person every year, and if you are married, you and your spouse can give $30,000 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 $15,000 annual exclusion by utilizing some or all of your $11,580,000 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.
Benefits of Hiring Our Long Island Estate Tax Attorneys
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 more than 30 years of experience, our team at the Law Offices of Steven M. Adler, PLLC can help you avoid costly estate taxes, reduce the impact of probate, 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. We remain accessible to each of our clients and are committed to returning your phone calls within 24 hours.
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.