Nassau County Tax Lawyer
Understanding Estate Taxes in New York
After your passing, estate taxes are imposed on the property and assets that you possess. These taxes can significantly reduce the estate that you plan to leave to your loved ones. There are certain tax exemptions that can be utilized in regards to your estate, but the exemption amount fluctuates substantially based on the political and economic climate. As you cannot know what the exemption amount will be when your estate is ready to be distributed, it may prove beneficial to give assets to your loved ones outside the estate. This will make those assets immune to estate taxes.
The Virdone Law Firm, P.C. assists individuals in all types of estate planning issues, including tax matters. We consistently remain up to date on changes in estate tax law, and can provide you with information, advice, and valuable tools that will help you address the subject of estate taxes. If you are seeking to minimize the impact of taxes on your estate, contact a Nassau County elder lawyer at our firm who will take steps to protect your estate, regardless of financial and economic conditions in the future.
Ways to Avoid Estate Taxes
Tools exist to help you pass assets to loved ones without incurring significant estate taxes, two primary tools include:
- Irrevocable trust - An irrevocable trust allows you to place assets or funds in a trust, and direct the trustee to care for your needs, and the needs of your loved ones, while you are alive. After you have passed away, the trustee will distribute the funds or assets to your children, which are not subject to being taxed as part of your estate.
- Gifts - The law allows you to give annual gifts to your children, or grandchildren, without incurring a tax, as long as the gifts fall below a certain limit. Utilizing annual gifts, you can pass a considerable amount of funds to your loved ones that will not be impacted by estate taxes.
If you are devising an estate plan, contact a Nassau County lawyer who can provide you with tools that may reduce the impact of taxes on your estate.
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