Are You Interested in Minimizing Estate Tax on Your NY Return?

The laws surrounding estate tax are constantly changing.  For example, the federal estate tax exemption amount is $3,500,000 in 2009.  The federal estate tax will be repealed on 1/1/10 until 12/31/10. Beginning 2011, the federal estate tax will be reinstated with a federal estate tax exemption amount of $1,000,000 and a maximum estate tax rate of 55%.

If you are a New York resident and your estate has a value of $1,000,000.00 or more, your estate may have to pay NY Estate Tax.

Good estate tax planning with the goal of reducing taxes on your estate's return may reflect:

1. Federal and gift estate tax exemptions in the amount you can pass free of estate tax to your heirs.
2. State estate tax exemptions – In New York, the state estate tax exemption is $1 million.

Regardless of the size of an estate, most adults — young and old — and their families benefit greatly from having a well-prepared estate plan consisting of documents such as a: Last Will, Health Care Proxy, Power of Attorney and Living Will. I have many years of experience working with and advising clients in the creation and implementation of plans that effectively express the clients’ personal desires regarding the disposition and protection of assets while providing potential tax advantages and security for family and beneficiaries.

If you're interested in learning how to minimize your estate tax, please come in to my office for a free consultation and meet with me to discuss your options. To contact my office located in Manhattan call (212) 355-2575.