Estate and Gift Taxes

Experience in Matters Concerning Estate Tax And Gift Tax

Estate tax and gift tax are used by governments to tax large transfers of wealth between individuals. On the Federal level, although gift taxes and estate taxes are paid separately, they are a unified tax in the sense that a single graduated rate schedule applies to the cumulative total of taxable transfers made through gifts and estates. The laws surrounding the estate tax and gift tax are often complex and constantly changing. It's crucial that you consult with a qualified New York City gift tax attorney when planning your estate.

For example, while the New York laws and Federal laws are similar there are a number of important differences between the two.  In New York, the gift tax was eliminated in or about the year 2000.  On the Federal level, the gift tax still applies although there are certain annual exclusions and life-time exemptions. Beginning in April 2014, New York changed its estate tax exemptions so that the total exempt value of an estate would be $2,062,500 beginning on April 1, 2014 which would steadily increase to approximately $6,000,000 in 2019.

Due to the variations between the New York and Federal tax laws, a gift tax attorney in New York City will be routinely consulted by their clients as to the impact of the new laws may have on their estate plans.  It was only in 2011 that the Federal estate tax laws received dramatic changes that increased the exemptions to levels that are increasingly more than $5,000,000.

It is probably a sure bet that in the coming years both the Federal and New York estate tax laws will again be revised in some manner.  While many estates seem not be subject to the estate and gift tax laws because their value appears to be below the exemption amounts, it is a good idea to review assets and value just to be certain.  An estate is valued by the date of death value of all assets owned by a decedent.  These current values can be much larger than expected.  While stocks and bonds may have large increases and declines, the overall value of a securities portfolio may increase over time.  Also, individual assets such as real estate and business interests may have dramatic increases due to current market conditions.  Thus, when a person adds up all assets including stocks, real estate, retirement funds, life insurance and business holdings, the estate tax exemption amount may be exceeded.

As a New York City gift tax lawyer, I can help answer questions about estate tax and gift tax such as:  What is included in an estate for tax purposes?  What is excluded from the estate? What deductions are available to reduce the estate tax?

I have many years of experience working with and advising clients in the creation and implementation of plans that involve both estate tax and gift tax. I work with clients to advance their personal desires regarding the disposition and protection of assets while attempting to provide potential tax advantages and security for their family and beneficiaries.

For personalized attentive service and a free case evaluation with a gift tax lawyer in New York City, you can contact me by telephone: (212) 355-2575, fax: (212) 751-5911 or e-mail

New York Probate Lawyer Blog - Gift Tax
Client Reviews
Jules Haas helped me with managing the process in probate court for my father's estate through to its completion upon the sale of my father's house. He was knowledgeable, efficient, and effective in submitting documentation to the probate court, explaining procedures to me, and advising me as to the progress of my case. His support staff was also very helpful. He made what for me created so much anxiety into something manageable where I could see progress every step of the way. His fees were very reasonable. I am super grateful to him for all the help he has provided and strongly recommend his services.
★★★★★
I found Mr. Haas after being misguided by a former attorney. Mr. Jules Haas took our case which involved an estate/trust dispute. What initially seemed like an impossible and overwhelming legal fight was now in the hands of someone who had the integrity and legal expertise to win our case. Mr Haas' attention to detail and his expert knowledge base, skillfully and successfully guided us through an intricate legal process. I am very thankful and grateful to Mr. Jules Haas for representing our interest and ultimately winning. Bringing about a peace of mind we needed. Thank You Devida Nedd
★★★★★
I was in need of a guardianship attorney and I hired the services of Jules M. Haas' Law firm. The service of counselor Haas and his staff, was very profesional and the case was handled in a timely matter. I would strongly recommend his services Angel Guevara
★★★★★
I strongly recommend Jules Haas. I have worked with him for two years and he has provided so much support and followed through with everything he promised he would do. His support staff is just as helpful! We had an interesting case and he helped to solve each part of it legally and was very thorough. Thank you for everything you have done to finalize our families estate Robyn Stafford
★★★★★