Free Report: Federal Gift and Estate Tax in New York

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 probate process, which is the legal process that follows the death of a taxpayer. During probate, all assets owned by you at the time of death must be identified, located, valued, and inventoried.

Topics covered in this report include:

1. What Is the Federal Gift and Estate Tax?
2. How ATRA Changed the Lifetime Exemption
3. Using the Unlimited Marital Deduction
4. What Is Portability?

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Saul Kobrick

Saul Kobrick is an attorney licensed to practice law in the State of New York and the Founding Partner of The Law Offices of Kobrick & Moccia. Mr. Kobrick is licensed to practice law in all courts of New York State, as well as in the Federal District Courts for the Southern and Eastern Districts of New York. He is a member of the New York State, and Nassau County Bar Associations as well as a member of the American Academy Estate Planning Attorneys. Mr. Kobrick is also a member of the National Academy of Elder Law Attorneys.

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