From Schlessel Law PLLC – 5 Ways to Avoid Estate Taxes examines the critical strategies available to New York residents and high-net-worth individuals looking to preserve wealth and minimize estate tax liabilities. With estate tax laws constantly evolving, this episode explores how the federal exemption of $13.99 million and New York’s unique estate tax cliff and $7.16 million exemption impact estate planning today. You'll gain insight into the key differences between estate and inheritance taxes and why planning ahead is essential for those living on Long Island.
This episode dives deep into practical tools and legal instruments such as irrevocable living trusts, Family Limited Partnerships (FLPs), and Qualified Personal Residence Trusts (QPRTs). It also unpacks how gifting strategies, such as the $19,000 annual gift allowance or covering loved ones’ education and medical expenses under IRS Section 2503(e), can effectively reduce the taxable estate without triggering gift taxes. The conversation also breaks down how charitable giving through Charitable Lead Trusts (CLTs) and Charitable Remainder Trusts (CRTs) offers dual benefits: supporting causes you care about while reducing estate size.
We also spotlight the powerful utility of trusts in New York estate planning—especially when spousal portability isn’t allowed under state law. Learn how credit shelter trusts, including AB trusts and spousal lifetime access trusts, can help maximize exemption usage while retaining financial flexibility. Schlessel Law, PLLC also discusses the benefits and considerations of electing the Alternate Valuation Date, a strategic tool for reducing estate tax when asset values drop post-death.
Long Island estate planning attorney Seth Schlessel leads this detailed and approachable guide, offering insight into the legal nuances of estate planning and asset protection. Whether you’re managing a growing portfolio, running a family business, or simply hoping to leave more for future generations, this episode arms you with the knowledge to help secure your financial legacy. For tailored advice and peace of mind, Schlessel Law PLLC is ready to help you create a strategic, tax-efficient estate plan.
Schlessel Law PLLC
34 Willis Ave Suite 300, Mineola, NY 11501, United States
(516) 574-9630
https://www.google.com/maps?cid=7387587768064061142
