You worked so hard to accumulate assets so no one wants to have their family pay estate taxes when they pass away. Estates of over $3,125,000 from April 1, 2015 – March 31, 2016 ($2,062,500 from April 1, 2014 to March 31, 2015) are subject to New York State estate taxes.
For example, the tax on an estate of $4,000,000 is $280,400. If your estate is over $5,430,000 (for 2015), the estate tax rate is 40% in addition to the New York estate taxes. Planning can be implemented to minimize or eliminate estate taxes, thru a gifting program, fractionalizing interests, trusts such as GRATs, QPRTs and ILITs. If you want to save estate taxes, you need to be proactive by seeking professional counsel.
- My spouse was just admitted to a nursing home. How can I pay for their care?
- My child has special needs. What government benefits are available?
- When I pass away, how do I leave assets in a protective way for my children and grandchildren?
- How do I keep my plan current?
- How will financial and health care decisions be made and by whom, if I am not able to make them?
- My parent needs care at home. How can we access Medicaid to pay the bills?
- How do I minimize federal and New York State estate taxes?
- What do I need to know when I sell my house?
- My loved one lacks capacity to make decisions. Do I need a Guardianship?
- I had to stop working because I became disabled. Do I qualify for Social Security Disability?
- I am in need of assistance at home. As a Veteran, is there any benefit I can receive to help pay for my care?