Brooklyn estate tax planning lawyer Yana Feldman (https://yanafeldmanlaw.com/estate-of-affairs-a-handy-and-essential-guide-to-new-york-estate-tax/) of New York Legacy Lawyers has recently published a comprehensive article titled ‘Estate Of Affairs: A Handy And Essential Guide To New York Estate Tax’. The guide is an invaluable resource for New York residents who need to navigate the complexities of estate taxation and aim to safeguard the financial legacy they will pass on to their beneficiaries.
In estate planning, understanding the nuances of state taxes is crucial. The article by the Brooklyn estate tax planning lawyer sheds light on how New York State inheritance taxes differ from federal estate taxes, explores the intricacies of New York estate tax rates, and explains how to leverage the New York state estate tax exemption.
The Brooklyn estate tax planning lawyer emphasizes the importance of being well-informed about the potential taxes that estates may incur. "Changes in federal estate tax laws may exempt individuals from paying taxes on their estate, but they may still owe tax dollars to New York State," Feldman points out. With New York's estate tax rate ranging from 3.06% to 16% and an evolving exclusion threshold, individuals with substantial assets need to be aware of their potential tax liabilities.
The article explains the graduated nature of New York’s estate tax, with rates escalating based on the worth of the estate. It also clarifies the critical concept of marital deduction, which exempts property left to a spouse from both state and federal estate taxes, provided that the spouse is an American citizen.
Feldman notes, "It's essential to understand that even if an individual is not a New York state resident but owns tangible property here, they may owe New York state estate tax." This highlights the necessity for non-residents with assets in New York to seek professional advice on their estate planning.
The guide further clarifies the 'cliff tax' in New York — a unique rule that could have a significant impact on estate planning. If an estate's taxable value exceeds 105% of the exclusion amount, the entire exclusion is forfeited and the estate is taxed from the first dollar. Feldman's article provides advice on how to navigate this 'cliff' and optimize estate plans to prevent falling into this taxation pitfall.
The article is not only informative but also encourages proactive measures. It suggests reassessing estate plans to ensure they function correctly under current laws.
For those looking to secure their family’s financial future without being overwhelmed by the intricacies of estate taxation, this article by Yana Feldman is an essential read. It is a testament to the firm's commitment to providing personalized and comprehensive estate planning services tailored to the unique needs of each client.
About New York Legacy Lawyers:
New York Legacy Lawyers is a legal firm that prides itself on offering personalized estate planning services to residents of New York. With a focus on understanding and adapting to the individual needs of their clients, the firm ensures that each estate plan is meticulously crafted to address specific concerns and objectives. Their approach allows clients to navigate through the complexities of estate planning with confidence. The firm’s dedication to providing clear, strategic advice aids individuals and families in preserving their legacies and preparing for the future.
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Website: https://yanafeldmanlaw.com/
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Address:132 32nd St, Brooklyn, NY 11232
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State: New York
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Website: https://yanafeldmanlaw.com/
