There are many high net worth individuals that reside on Long Island, and of course, it is a good feeling to reach your financial goals. This being stated, there are some looming threats to your legacy if you have been able to accumulate a significant store of wealth in the form of death taxes.Since we are in a new year, there has been a federal estate tax inflation adjustment. In addition to this, a long-awaited change in the state level parameters that was decided upon years ago became … [Read more...] about 2019 Estate Tax News for Wealthy Long Islanders
Living trust attorneys at Mark S. Eghrari & Associates, PLLC can provide personalized help with the creation of an estate plan that includes tools like trusts to offer you advanced options for controlling your legacy. Trusts are a versatile and powerful legal tool that can help to protect your assets in important ways. However, there are also some limitations associated with trusts that you should be aware of. One common type of trust is a living trust. A living trust provides … [Read more...] about Does a Living Trust Allow You to Avoid Estate Tax?
Both inheritance tax and estate tax can impose a substantial financial burden after a death occurs. However, these two different types of taxes do not work the same way and there are fundamental differences between them. If you are making an estate plan and want to reduce the taxes that will need to be paid upon your death, it is important that you understand how inheritance tax works. It is also important to understand how estate tax works. You may be able to make plans to reduce or avoid … [Read more...] about What is the Difference Between Inheritance Tax and Estate Tax?
If you live in New York and you are making an estate plan or your loved one has passed away, you need to know the New York estate tax rules. Depending upon the size of the estate you are leaving (or that your loved one has left behind), estate taxes may need to be paid to the state of New York after death. Not only that, but estate taxes may also need to be paid to the federal government. The rules for federal and state estate taxes are not the same, which can make it more difficult to make … [Read more...] about Is New York Estate Tax the Same As Federal Estate Tax?
New York estate tax can take a big chunk out of the value of an estate and can impact the legacy that you hope to leave behind for your beneficiaries or your heirs. If you are making your estate plan, you need to understand what the New York rules are for estate taxes and you need to understand what the rates are that your estate will be taxed at if taxes are due. If your loved on has passed away in New York and you are concerned about the way in which estate tax will affect your inheritance, … [Read more...] about What is the New York Estate Tax Rate?
Estate taxes are assessed on certain estates by both the federal government and by the state of New York. These taxes can be substantial when you are supposed to pay them based on the value of your estate. It is imperative that you understand when and how estates are taxed and that you explore the options which may be available to you for reducing estate taxes after your death or even eliminating estate taxes altogether. Your heirs deserve to inherit the property you worked for without a … [Read more...] about Are Estate Taxes Assessed on Married Couples?
What Is The Unlimited Marital Estate Tax Deduction from Mark EghrariThe unlimited deduction applies to gifts as well There is no limit to the gifts that you can give to your spouse a tax-free manner. The unlimited marital deduction only extends to spouses who are citizens of the United States If you are married to a citizen of another country you may not utilize this deduction. Learn more about the unlimited marital Estate tax deduction in this presentation. … [Read more...] about What Is The Unlimited Marital Estate Tax Deduction