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 an informative article titled “Estate Of Affairs: A Handy And Essential Guide To New York Estate Tax.” The article offers valuable insights into the complexities of New York estate tax laws, providing essential information for New York residents who own taxable estates.
In the article, Feldman states that “if you have a taxable estate, you can expect to pay one-sixth of its value in federal estate taxes.” She goes on to explain the differences between federal estate taxes and New York State inheritance taxes and the current New York state estate tax rules and exemptions. Brooklyn estate tax planning lawyer Yana Feldman emphasizes the importance of staying up-to-date with federal and state tax laws, as New York estate tax rules can differ from those in other states.
Brooklyn estate tax planning lawyer Yana Feldman quotes, “New York imposes an estate tax which is calculated against the overall worth of the assets and funds possessed by the deceased person at the moment of their passing.” She further explains that the estate tax rates in New York State are progressive, ranging from 3% to 16%. New York also offers a Basic Exclusion Amount (BEA), exempting estates valued at or below this threshold from estate tax.
Feldman also discusses the absence of inheritance tax in New York, stating that “there is no inheritance tax imposed on the property and money received by an heir from a deceased person’s estate.” Instead, the responsibility for paying inheritance taxes lies with the heir. However, she notes that if a New York resident owns property in another state, their heirs may be subject to that state’s inheritance tax unless proactive measures are taken.
Navigating the intricate aspects of inheritance tax laws can be challenging. Feldman suggests that partnering with a skilled New York estate tax planning lawyer can help individuals optimize their estate plan, reduce tax obligations, and ensure a smooth transfer of assets to their family members.
The article highlights the importance of seeking guidance from experienced lawyers like those at New York Legacy Lawyers. Their Brooklyn estate tax planning lawyers offer personalized and comprehensive estate planning services tailored to specific client needs. Feldman encourages readers to “discover valuable insights and practical solutions to protect your assets and minimize tax liabilities” with the help of her team at New York Legacy Lawyers.
About New York Legacy Lawyers:
New York Legacy Lawyers is a reputable law firm in the area of estate planning, wills, trusts, and other related legal services. With a team of experienced lawyers, they offer personalized solutions to help clients navigate the complexities of estate taxation and ensure a smooth transition of assets to their family members. Their commitment to providing tailored strategies and guidance makes them an ideal choice for those seeking assistance in estate planning and tax minimization.
Embeds:
Youtube Video: https://www.youtube.com/watch?v=jbH-OoxO2D8
GMB: https://www.google.com/maps?cid=16408561942605909937
Email and website
Email: yana@yanafeldmanlaw.com
Website: https://yanafeldmanlaw.com/
Media Contact
Company Name: New York Legacy Lawyers by Yana Feldman & Associates PLLC
Contact Person: Yana Feldman
Email: Send Email
Phone: (718) 713-8080
Address:132 32nd St
City: Brooklyn
State: New York 11232
Country: United States
Website: https://yanafeldmanlaw.com/