The current New York estate tax exemption stands at $7.16 million while the Federal exemption is at $13.99 million. While the Federal government only taxes the amount over the Federal exemption, New York takes a different approach. Once you go more than 5% over the exemption amount in New York,…
For 2025, the exemptions for estate taxes rise to $7.16 million for New York estate taxes, and to $13.99 million for Federal estate taxes. The annual gift tax exclusion rises to $19,000. If your estate is, or may become, greater than the New York threshold, early intervention can avoid the…
For 2024, the exemptions for estate taxes rise to 6.94 million for New York estate taxes, and to 13.61 million for Federal estate taxes. The annual gift tax exclusion rises to $18,000. If your estate is, or may become, greater than the New York threshold, early intervention can avoid the…
Happy New Year to all! There have been significant changes in the law in a number of areas as of January 1, 2023. The gift tax exclusion, which many people still think is $15,000, is now $17,000, up from $16,000 in 2022. Each person may give up to $17,000 to…
Makes sure your estate goes to whom you want, when you want, the way you want. Most estate plans leave the assets to the next generation outright (i.e., in their hands) in equal shares. However, with a little bit of thought on your part, and some guidance from an…
Your “basis” for calculating capital gains taxes is what you paid for the stock or the real estate. For real estate, the basis gets raised by the amount of any capital improvements you make to the property. When you sell your primary residence you may exclude the first $500,000 of…
You should strive to review your estate plans every few years. While it might not seem like it, many events can occur during this period that impacts your estate planning goals. Besides personal changes, the country also experiences national elections every four years which often lead to changes in estate…
The estate tax exemption is slated to return to $5 million in 2026. For married individuals, the exemption is considered portable”, which means that the estate of the second spouse to pass away can benefit from the unused amount of the exemption that was available to the first spouse who…
New York’s estate tax cliff can lead to heirs in the state paying estate tax at a rate that surpasses 100%. The existing per-person New York state estate tax exemption is $6.11 million. This is the amount that a person can pass on to heirs at his or her time…
Estate planning relies on a countless number of assumptions. One assumption is that assets only flow in one direction: from older person to younger person. In reality, this does not always have to be the case. By making the most of some unconventional estate planning techniques, people can realize some…