Estate Tax

Estate Tax Attorney In Manhattan

When it comes to estate tax planning, forming an entity alone may not be sufficient to avoid estate taxes. Estate tax laws are complex and subject to change, so it is crucial to consult with a qualified estate planning attorney or tax professional who is familiar with New York State and New York City regulations. CPL can provide personalized guidance based on your specific circumstances.

Estate Tax FAQ’S

What are the current estate tax laws in NYC?

New York City follows the estate tax laws of New York State. These laws include an exemption threshold, which was $6.58 million for the 2023 tax year. Estates below this threshold typically are not subject to New York State estate tax. However, tax laws can change, so it’s essential to stay informed about any updates. For the most current information and guidance on estate taxes in New York City, consult an experienced estate planning attorney or tax professional.

Is your estate subject to New York City estate taxes?

Navigating New York City estate tax laws can be intricate. The tax status of your estate depends on various factors, including its value and applicable exemptions. To get precise guidance, consult with an estate planning attorney or tax professional who can assess your specific situation and ensure compliance with current tax regulations.

What is the current estate tax exemption in NYC?

Understand the exemption amount set by the city and assess whether your estate’s value exceeds this threshold. This information will help you determine if you need to take steps to minimize estate tax liabilities.

Should you consider the New York City Qualified Terminable Interest Property (QTIP) election?

QTIP trust is designed to allow a surviving spouse to take advantage of the unlimited spousal exemption, avoiding an immediate estate tax bill at the death of the first spouse, while allowing assets to be maintained in the trust. This planning is most commonly used by blended families. For example, a spouse with children from a previous marriage who wants to provide for the surviving spouse. This will also ensure the children will receive the trust assets at the surviving spouse’s death.

Are there any unique considerations or exemptions available in NYC?

Research any specific exemptions, deductions, or credits available in NYC that can help reduce your estate tax liability. For example, there might be exemptions for small estates or certain types of assets.

Have you reviewed the valuation of your assets?

Ensure that your assets are properly valued for estate tax purposes, as incorrect valuation can lead to unnecessary tax burdens or penalties. It’s essential to consult with an experienced estate planning attorney or tax professional familiar with New York City estate tax laws to ensure you make informed decisions based on your specific circumstances.