Brooklyn estate tax planning lawyer Yana Feldman (https://yanafeldmanlaw.com/estate-tax-for-beginner-an-easy-to-read-guide-to-estate-taxes/) of New York Legacy Lawyers has recently published an insightful and easy-to-understand article titled 'Estate Tax For Beginners: An Easy To Read Guide To Estate Taxes'. This piece is aimed at clarifying the often complex and misinterpreted concept of estate taxes, which is an area of concern for many individuals navigating the complex world of estate planning.
"Frequently, politicians use the term 'death tax' to describe estate tax. However, many Americans don't fully comprehend what this means or how it affects them," the Brooklyn estate tax planning lawyer explains. "Just as important as understanding what estate tax is, is understanding whether or not individuals will have to pay it, how much, and the implications for their heirs."
The Brooklyn estate tax planning lawyer further elaborates on the specifics of the New York estate tax. She explains that New York imposes a state estate tax, which applies when a person passes away as a resident of New York or has property physically located within the state.
Feldman states, "New York's estate tax rate is graduated, starting at 3.06% and reaching a maximum rate of 16%. However, for New York estate tax purposes, when the total value of assets passing to beneficiaries, excluding a spouse or charity, is below a specific threshold, those assets are completely exempt from taxation."
She further breaks down the concept of a 'cliff tax' and how estates exceeding the New York threshold by more than 5% lose their exemption entirely, making the entire value of the estate's assets subject to New York estate tax.
Moreover, the article explores how to potentially reduce estate tax liability, highlighting options like the lifetime exemption amount. Feldman states, "There is a lifetime exemption amount of up to $11.18 million. This means individuals can leave up to that amount to their heirs before the estate pays a tax."
This comprehensive guide serves as a valuable resource for those who want to understand the intricacies of estate taxes and plan their estates effectively.
About New York Legacy Lawyers:
New York Legacy Lawyers is a trusted law firm based in Brooklyn, New York, that offers a wide range of legal services in estate planning. With a team of dedicated and knowledgeable lawyers, the firm is committed to providing clients with the guidance they need to navigate the complex world of estate planning. Led by Yana Feldman, a renowned Brooklyn estate tax planning lawyer, the firm is dedicated to ensuring that clients understand every step of the process and are equipped to make informed decisions about their future and the future of their loved ones.
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Website: https://yanafeldmanlaw.com/
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