Brooklyn estate tax planning lawyer Yana Feldman (https://yanafeldmanlaw.com/how-does-inheritance-work/) of New York Legacy Lawyers has recently published an informative article titled “13” The piece provides valuable insights into inheritance tax, estate tax, and various trust options available in New York.
In the article, Brooklyn estate tax planning lawyer Yana Feldman explains the difference between estate tax and inheritance tax, stating, “While they are both paid to the IRS, the most significant difference is who pays them. The estate pays estate taxes and covers any taxes that are levied against the assets included in the deceased’s estate. Inheritance tax is paid for by the people who are inheriting an asset.”
Brooklyn estate tax planning lawyer Yana Feldman further clarifies that New York does not levy an inheritance tax itself, but adjacent states may have inheritance taxes that apply to New York residents inheriting property or assets situated within their borders. It is essential to consult with a qualified estate planning attorney to understand the implications of inheriting assets from out-of-state properties.
The article also delves into various trust options available in New York, such as Irrevocable Life Insurance Trusts, Charitable Remainder Trusts, Charitable Lead Trusts, Special Needs Trusts, Dynasty Trusts, Qualified Personal Residence Trusts, and Qualified Terminable Interest Property Trusts. Each trust type offers specific benefits and drawbacks, making it crucial to discuss these options with a knowledgeable estate planning attorney.
Yana Feldman emphasizes the importance of understanding how inheritance tax is calculated, as it varies from state to state and can range from 1% up to 20%. Additionally, certain exceptions may apply depending on the state and beneficiary’s relationship to the deceased.
“States that have an inheritance tax allow for a certain amount of money to be received without having to pay an additional tax. Several states offer tax-exempt status to the deceased person’s spouse. Children may also qualify for this exemption,” Feldman explains in the article.
For those planning their estates, Feldman suggests considering placing assets into trusts to potentially reduce the amount of inheritance tax beneficiaries are required to pay upon receiving their gifts.
About New York Legacy Lawyers:
New York Legacy Lawyers is a reputable law firm widely experienced in estate planning, elder law, probate, and estate administration. Founded by estate planning attorney Yana Feldman, the firm provides clients with personalized solutions to protect their assets and loved ones. With a team of dedicated professionals, New York Legacy Lawyers is committed to helping clients navigate the complexities of inheritance, estate tax, and trust options in New York.
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