In the United States, every taxpayer’s estate is potentially subject to federal gift and estate taxes upon the death of the taxpayer. In addition, some states also impose a state level estate tax on the estate of a decedent. Failing to understand the impact that estate taxes can have on your estate could result in the loss of a significant portion of your estate assets after your death. Consequently, your loved ones will lose out on a significant portion of the assets you intended to leave for … [Read more...] about How Do I Calculate Estate Taxes?

When you sit down to create your estate plan, you will likely consider a number of factors when making decisions within that plan. One important factor that should always be taken into account when estate planning is the impact taxes will have on your estate. Every estate is potentially subject to federal gift and estate taxes; however, will your estate be subject to a New York estate tax as well? If you are a resident of the State of New York, knowing the answer to that question is crucial when … [Read more...] about Will I Need to Pay New York Estate Tax?

When you think of inheritance planning you likely think first about creating a Last Will and Testament to distribute your estate assets when you are gone. Although your Will may serve as the foundation for your inheritance plan, a well-rounded estate plan should include a number of additional tools and strategies aimed at accomplishing a wide range of additional inheritance planning goals. For example, your plan should also take into account the impact that taxes will have on your estate after … [Read more...] about What Is Involved in Inheritance Tax Planning?

A well drafted estate plan should accomplish a number of different goals and objectives, including creating a blueprint for the transfer of your estate assets to your intended beneficiaries when you die. Those assets, in turn, are intended to help provide for your beneficiaries long after you are no longer here to provide for them yourself. Undoubtedly, your intention is to pass down as large of an estate as possible to your loved ones -- the more valuable the better. In order to ensure that you … [Read more...] about How Can Estate Taxes Diminish the Value of Your Estate?

If you were recently notified that you are the beneficiary or heir of an estate, you are likely processing some mixed emotions. Clearly, the news that an inheritance is coming your way is good news from a financial perspective; however, the odds are good that someone close to you died in order for that inheritance to be headed your way. Along with the emotional impact of an inheritance, there are also typically legal and financial consequences of which you need to be aware. Failing to understand … [Read more...] about Does New York Impose Estate Taxes?

Creating a successful estate plan requires you to consider a number of important factors, including your goals and objectives, your current and future assets, and the impact federal gift and estate taxes will have on your estate. While most people spend a considerable amount of time contemplating the first two factors, people often fail to spend enough time thinking about the third factor. Sometimes people fail to take gift and estate taxes into account because they are unaware of the impact the … [Read more...] about How the Federal Gift and Estate Tax Can Diminish Your Estate Value

Federal Gift and Estate Tax - Understanding the Tax from Saul Kobrick The federal gift and estate tax is a tax on the transfer of wealth that is levied on the combined value of all gifts made during your lifetime and all assets owned by you at the time of death. Learn more about federal gift and Estate Tax  in this presentation.   … [Read more...] about Federal Gift and Estate Tax – Understanding the Tax

  The federal gift and estate tax is a tax that is levied on the value of gifts a taxpayer makes during his/her lifetime and/or at the time of death. In essence, it is a tax on the transfer of wealth. Because it would be impractical, if not impossible, to attempt to levy a tax on every individual gift made during a taxpayer’s lifetime, the Internal Revenue Service, or IRS, effectively requires a taxpayer’s estate to “pay-up” after death. This reconciliation is accomplished during the … [Read more...] about Free Report: Federal Gift and Estate Tax in New York