New York Estate Taxes
Seek Guidance From a New York Estate Planning Lawyer
Whether you are an heir or are in the process of creating an estate plan, it is crucial that you understand how New York’s estate taxes can affect your estate. One of the partners of Korsinsky & Klein, LLP is an experienced Certified Public Accountant (CPA), and will use his knowledge of your state’s tax laws to propose tax-saving strategies that can help protect your assets and your family. You can depend on us to address even the most complicated estate tax issues in New York including but not limited to the communities of Brooklyn, Long Island, Manhattan and Westchester. We also serve clients who have estates in New Jersey.
State & Federal Estate Taxes
When a person dies, the state and federal governments imposes taxes on that individual’s estate. These are referred to as estate taxes. Depending on the size of the estate and the circumstances surrounding the estate, an estate tax could seriously impact the amount that a beneficiary receives.
You may be required to file an estate tax return within nine months after the decedent’s date of death if you meet the following filing requirements in New York:
- You are a resident of the state at the time of death.
- The total of the federal gross estate, the federal adjusted taxable gifts and specific exemptions exceed $1 million.
- You are a not a resident of New York but own property that is located in this state, and your estate includes real or tangible personal property that exceeds $1 million.
We are adept at creating estate plans that include tax strategies for wealth transfer and for protection of your lifetime of investments. Our skilled attorneys will counsel and advise you through your estate planning decisions to minimize the impact of taxation. From asset protection to other general matters involving elder law and estate tax issues, our firm will offer effective counseling that can help your family avoid unnecessary litigation, probate or disputes.
Tax Planning for Your New York or New Jersey Estate
Strategic estate tax planning requires precise knowledge and experience. We recognize all tax laws and can assist you in obtaining a favorable outcome in your estate tax matters. Our legal team will provide guidance in organizing your tax strategy so that your surviving family members will enjoy the full benefits of acquiring your real estate property or other assets.
If you wish to learn more about how our skilled legal team and professional CPA can be of assistance to you, contact us online or call 212-495-8133. You can help us learn more about your case and about the type of assistance you need. We know what is required to navigate the complexities of estate taxes, and we are fully equipped to help our clients achieve a satisfactory outcome.