From New York Legacy Lawyers by Yana Feldman & Associates PLLC - In this episode, we explore 'How Does Inheritance Tax Work?' and its implications for residents of New York. Understanding the difference between inheritance tax and estate tax is crucial, especially when planning for the future. In New York, there is no inheritance tax on gifts received as part of an inheritance or trust. However, estate taxes are applicable, calculated based on the total value of the deceased's estate. Our Brooklyn estate tax planning lawyers can help you navigate these complexities and protect your loved ones from unnecessary financial burdens.
We discuss the nuances of New York estate tax rules, highlighting the importance of effective estate tax planning. With the estate tax exemption set at $6.94 million for 2024, estates exceeding this value must file a New York estate tax return. Our team at New York Legacy Lawyers provides guidance on managing these requirements, ensuring compliance with New York estate tax laws. Whether dealing with a New York estate or properties in other states, we can help minimize the impact of estate taxes through strategic planning.
Trust options are a vital part of estate planning, offering various benefits depending on individual needs. We explore different types of trusts, including Irrevocable Life Insurance Trusts, Charitable Remainder Trusts (CRT), Charitable Lead Trusts (CLT), Special Needs Trusts, Dynasty Trusts, Qualified Personal Residence Trusts, and Qualified Terminable Interest Property Trusts. Each trust type serves a specific purpose, from protecting life insurance proceeds to supporting loved ones with disabilities. Our Brooklyn estate tax planning lawyers can assist in selecting the best options for your estate.
For those with estates near or above the exemption threshold, consulting a knowledgeable attorney is essential. At New York Legacy Lawyers by Yana Feldman & Associates PLLC, we are dedicated to providing tailored solutions that address your unique circumstances. Contact us today at (718) 713-8080 to schedule a consultation and learn how we can help you with effective estate planning strategies to safeguard your family's future.
New York Legacy Lawyers by Yana Feldman & Associates PLLC
132 32nd St #301, Brooklyn, NY 11232, United States
(718) 713-8080
https://www.google.com/maps?cid=16408561942605909937
