New York inheritance laws control the process of how someone inherits money and control the process of when an estate is taxed when someone passes away. There are many different laws on inheritances and you need to know these laws both when you are making your estate plan and when someone who you love has passed away.
Mark S. Eghrari and Associates PLLC has extensive experience with New York inheritance laws. We understand how these laws work and we can make NY legal tools work for you. If you want to protect your legacy and provide for your loved ones, or if you want to make sure you fulfill the wishes of someone who you are about who has passed away, give us a call now.
What to Know About New York Inheritance Laws When Making an Estate Plan
New York inheritance laws apply to virtually all aspects of transferring money and property after a death. For example, New York law requires that larger estates be taxed by the state. The Department of Taxation and Finance indicates that estate taxes will be charged if an estate exceeds $4,187,500 if the death occurs between April 1, 2016 and March 31, 2017. If a person dies after April 1, 2017, estate taxes will be charged if the estate exceeds $5.25 million.
Knowing about estate taxes before you pass away is essential, because you can make plans if your estate will be taxed. You could, for example, try to explore ways to reduce or avoid taxes by working with an experienced estate planning lawyer. You could also purchase life insurance to cover taxes if you have a family business or farm and there would otherwise be insufficient cash for taxes to be paid.
You also need to know many other things about New York inheritance laws as you plan for what will happen after your death. For example, you should understand who would inherit money and property from you under NY intestacy laws if you did not create a will or otherwise make arrangements for transfer of assets to desired beneficiaries. Although NY’s intestacy laws have assets transferring to spouses, children, parents, or other close relatives, you may find that these default laws don’t reflect your wishes- which makes it very important to create an estate plan.
You also need to understand the legal tools under NY law that will allow you to provide for your family members and protect the inheritance that you leave to the people you care about. An attorney can help you to make use of the inheritance laws so that you leave the legacy you have been hoping for.
What to Know About New York Inheritance Laws When Someone Has Died
When someone has passed away, you need to know how NY inheritance laws work to facilitate the transfer of property. For example, in general, the law does not just allow new owners to take possession of money and property that they will inherit. Unless your loved one has done estate planning to allow all assets to transfer outside of probate, there is a formal court process required before an inheritance goes to beneficiaries.
During the probate process, you need to know the laws for who serves as executor or personal representative and oversee the will; as well as how the probate process works. An experienced attorney can represent those who have been named as an executor and been given the responsibility to facilitate asset transfers. We can also provide representation to anyone who stands to inherit in order to explain how NY inheritance laws will affect them.
Getting Help Understanding New York Inheritance Laws
Whether you are making plans for your legacy or dealing with the aftermath of a death, knowing New York inheritance laws is key to making the right choices. Because there are laws on so many different issues and because many of the laws are very complicated, you should have proper legal representation. It is a good idea to call a lawyer as soon as someone you love has died or as soon as you begin making your estate plan.
Mark S. Eghrari and Associates PLLC helps in both situations. Give us a call at (631) 265-0599 or contact us online to find out more about the ways in which we can assist you in making inheritance laws work for you. You can also find out some general information about inheritance laws and estate planning by joining us for a free seminar. Reach out to us today to get started on making your plans for the future.