It is important to understand the New York Inheritance tax laws so you can make appropriate plans to protect your assets. One of the most important things to understand is how New York taxes an inheritance. New York does not charge a traditional inheritance tax like some states do, which is paid by heirs. Instead, New York charges an estate tax. This means taxation is determined based on the value of the estate, not based on those who inherit. Understanding New York inheritance tax law is … [Read more...] about Myths about the New York Inheritance Tax
Many people believe inheritance tax and estate taxes are the same things, but they are not. The amount of estate taxes due is calculated based on the value of the property which the deceased person owns. Estate taxes are paid when assets transfer to beneficiaries. The income or assets of the person who inherits does not affect the taxable amount. Inheritance taxes, on the other hand, are calculated based on people receiving property and are affected by the recipient's income as well as the value … [Read more...] about Will an Inheritance Tax Be Assessed On Your Estate?
Will My Heirs Receive Thier Inheritances from Mark EghrariThe heirs have to wait out the process before they can receive their inheritances. Even if things run smoothly, as they often do, it will take close to a year. Learn more about will my heirs receive thier inheritances in this presentation. … [Read more...] about Will My Heirs Receive Their Inheritances
Will My Heirs Be Forced to Pay for My Inheritance Tax from Mark EghrariAn inheritance tax is levied on asset transfers to each individual nonexempt inheritor.As one estate is being administered, multiple inheritors could be forced to pay an inheritance tax. Learn more about will my heirs be forced to pay for my inheritance tax in this presentation. … [Read more...] about Will My Heirs Be Forced to Pay for My Inheritance Tax