Tax Planning in New York
Tax laws in New York are a complicated, evolving process that often require the expertise of a New York estate lawyer to minimize estate taxes owed in order to maximize inheritance among beneficiaries.
How to Avoid New York Estate Taxes
Estate taxes are taxes imposed on a deceased person’s assets when the total assets exceed certain amounts. Depending upon the deceased person’s estate plan, the estate taxes can be paid upfront by the estate before any distributions are made to the heirs or the estate taxes can be apportioned among the heirs, which means they will have to pay their share of the estate taxes from the inherited assets.
At Makofsky Law Group, P.C., we may be able to help you avoid or minimize state and federal estate taxes, capital gains taxes, gift taxes, and other types of taxes, maximizing the inheritance left for your children or other loved ones. We commonly use several different types of trusts, including credit shelter trusts, life insurance trusts, qualified personal residence trusts (QPRTs), and others to accomplish our clients’ objectives.
Reducing Estate Taxes
The reduction of estate taxes can be accomplished in a variety of ways which includes: lifetime outright gifts to individuals; gifts into trusts structured to receive discounts as to the value of the gift; and bequests to a spouse in a credit shelter or bypass trust. We help our clients figure out if they are likely to have a taxable estate and if they do, we suggest to clients how to eliminate or reduce their taxable estate.
If you have assets you’d like your family to inherit, you could benefit from an in-depth analysis of your estate, its potential tax implications, and potential tax planning opportunities by a New York tax planning attorney. To schedule an appointment with one of our attorneys, contact us online, or at (516) 228-6522.
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LOCATED IN GARDEN CITY, NEW YORK, MAKOFSKY LAW GROUP, P.C. (formerly Makofsky & Associates, P.C. formerly Raskin & Makofsky, LLP) HAS SERVED CLIENTS IN AREAS INCLUDING LONG ISLAND, NEW YORK CITY, MANHATTAN, QUEENS, BROOKLYN, BRONX, WHITE PLAINS, MINEOLA, HEMPSTEAD, LEVITTOWN, MASSAPEQUA, BETHPAGE, SYOSSET, OYSTER BAY, GLEN COVE, PORT WASHINGTON, MANHASSET, GREAT NECK, WOODMERE, VALLEY STREAM, ELMONT, FLORAL PARK, FLUSHING, KEW GARDENS AND FOREST HILLS, NEW HYDE PARK, EAST MEADOW, PLAINVIEW, Merrick, Westbury, Long Beach, Oceanside, Franklin Square, Huntington and Rockville Centre.
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*Certified as an Elder Law Attorney by the National Elder Law Foundation as approved by the American Bar Association. Certification is not required for the practice of law in the State of New York.