New York Estate Planning Attorney

The New York estate tax calculation deserves particular care near the exclusion amount. The credit decreases as the taxable estate rises above that amount and is unavailable above 105%. The actual liability depends on the taxable estate, deductions and other applicable rules.

We consider estate tax alongside income tax, basis, liquidity and your family's access to assets. A gift or trust should be evaluated against all of those considerations with your tax advisor.

A will governs property passing through the estate. A funded revocable trust can provide for the management and transfer of the assets it holds. Accounts with effective beneficiary designations and property with survivorship rights may pass through other mechanisms.

Probate involves establishing authority through Surrogate's Court. Obtaining an appointment and completing administration are separate stages, and timing depends on the court, the filings, the assets and any disputes. A trust may be useful, but it does not remove every administrative task or guarantee that no court proceeding will be needed.

New York has no separate gift tax, but certain taxable gifts within three years of death are included in the estate tax calculation. Statutory exceptions matter, so a last-minute gift should not be assumed to remove New York tax exposure.

Property in another state, an out-of-state business and a recent change of residence warrant a coordinated review. We identify the states and advisors that need to be involved before recommending a structure.