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NY Estate Tax Return

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 had been $3,500,000 in 2009.  The federal estate tax was repealed on 1/1/10 until 12/31/10. Beginning 2011, the federal estate tax was reinstated.  The exemption amount under the most current Federal law is in excess of $5,000,000 and slowly increasing due to inflation indexing.

The New York estate tax exemption of $1,000,000 was replaced in April 2014 with an exemption of over $2,000,000 which is scheduled to increase to approximately $6,000,000 by 2019.

It would not be surprising to New York estate tax return attorneys if both the Federal and New York estate tax laws are the subject of additional changes in the coming years.  Since these taxes do produce revenue for the taxing authorities it is unlikely that they will be repealed despite ongoing calls for their elimination.

In New York, an estate tax return needs to be filed if the value of the decedent's gross estate is in excess of the exemption amount that is in effect on the decedent's date of death.  In order to determine whether an estate tax return needs to be filed or taxes paid, the value of the decedent's gross estate needs to be determined.  Among the services that a Brooklyn estate lawyer or other New York estate professional provides is the collection and valuation of estate assets.

Typically, as an estate tax return attorney in New York, I work with executors and administrators to obtain date of death values from banks as well as values of stocks and bonds that a decedent may have owned at death.  Very often it is necessary to hire appraisers to value certain items such as real estate or interests in businesses that do not have publicly traded stock.  All of these values must be reported on an estate tax return.  Moreover, it is important to obtain date of death values even if an estate tax return is not required to be filed.  The income tax basis of assets owned by a decedent is generally equal to its value as of the time of death.  Thus, if the asset is going to be sold by the estate fiduciary or a beneficiary, the income tax gain needs to be determined by using the stepped-up date of death tax basis.

The estate tax principals relating to valuation of assets in an estate can have an important role in preparing a person's estate planning and strategy.  As can be seen estate and income taxes are closely related and effective planning and estate administration may have a financial benefit to the beneficiaries of a decedent's assets. An estate tax return lawyer in New York can help you protect your assets.

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 with a New York estate tax return lawyer and meet with me to discuss your options. To contact my office located in Manhattan call (212) 355-2575.

Client Reviews
I am very grateful to Mr. Jules Martin Haas attorney of law in New York. I am from Buenos Aires Argentina. He managed with expertise a very difficult situation. of a complicate heritage from my aunt Anna Grodzka that lived and died a very long time ago in New York. I recommend him not only for his extraordinary knowledge but also for his kindness. Irma CW Peusner
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
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. Diana Janer
I just completed an estate transaction where Jules Haas represented my client in an estate and he did a great job! He was very quick at responding to all matters throughout the sale process, he was detailed, he was knowledgeable and he was a pleasure to work with. I just recommended him to some new clients who are going through an estate matter and will continue to recommend him. Rodolfo Lucchese