Queens Will and Estate Lawyer Jules Haas’ Tax Tips for New Yorkers

For families in Queens, will and estate lawyer Jules Haas provides some valuable information.

With an office in Manhattan and roots in Forest Hills, Queens, will and estate lawyer Jules Haas is conveniently located, familiar with the wide range of tax and estate-planning and probate issues faced by clients in the area, and committed to helping his neighbors plan for the future now.

Most families’ estate-related concerns revolve around:

  • Planning for long term health care.
  • Planning for dependents.
  • Limiting the amount of their estate that would go to the government via taxes.

Below are some frequently-used estate-planning solutions to those concerns.

  • A head of household or individual looking to minimize estate taxes can make yearly gifts of up to $13,000 to an unlimited number of people without being subject to any filings for gift tax.
  • Education or Charitable gifts are exempt from taxes.
  • Credit Shelter Trusts (or “Bypass Trusts”, “A/B Trusts”) are a commonly used means for married couples to make the most of their individual lifetime exemptions.
  • Life Insurance Trusts are most useful when entrusted to someone other than the insured, as the insurance money will not be subject to estate taxes when the insured passes. If the insured is the trust’s owner, the trust will be subject to estate taxes.
  • Each person is permitted to create two Qualified Personal Residence Trusts: one for a main residence, and one for a secondary residence. Say you own a home in Whitestone and a beach house in the Far Rockaways. If your Queens will and estate lawyer creates two QPRTs, one for each residence, you will be able to continue living in those residences for a set period of time, and transfer ownership of the properties without paying a large amount in taxes.

Some of the above situations may not apply to you. Perhaps you rent or lease your home, or do not have an estate that is in the millions of dollars. There are still many current actions you can take to make the most of your life savings, assets, and retirement plans—with benefits now and in the long term. Estate planning is just as important for middle-class and working families as it is for those with multi-million dollar estates.

The concerns listed above—notably, planning for long term health care and planning for dependents—are especially important to middle-income New Yorkers.

Long term health planning can include long term health insurance and the creation of a Health Care Proxy and other advance directives. Gifts of assets to younger generations may also provide a means to protect wealth from extraordinary health care costs.

The interests of children can be protected by the creation of trusts in the Last Will to provide for the supervision of assets until a child reaches at least 18 years of age or even into his or her 20’s or 30’s. A Last Will can also contain the appointment of Guardians for minor children so that their personal welfare and property management are looked after. Ultimately, the Surrogate’s Court must appoint the nominated Guardian.

For over thirty years, Queens will and estate lawyer Jules Haas has worked with families in all five boroughs, the surrounding suburbs and New York State, helping them to manage their estates and create trusts and accounts that follow New York tax law while ensuring that clients do not pay redundant or avoidable taxes.

For a more through, personalized guide to planning your estate, contact Queens will and estate lawyer Jules Haas today at tel: (212) 355-2575 or email: jules.haas@verizon.net for a free initial consultation.

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
★★★★★