Estate Planning and Taxation
Estate Planning, also called succession planning, is the development of a plan through legal documentation to transfer property ownership to heirs during the person’s life if the person becomes incapacitated and after death and/or allow asset management in the event of a disability. The estate planning goals include minimizing estate tax liability, the succession of family assets and business holdings, distribution of assets among family members and other heirs, donations to charities, resolving existing debt, and ensuring the financial security of a surviving spouse special and special-needs dependents.
Estate Taxation
New York State adopted the Federal estate tax threshold that was in effect in 2017, indexed for inflation. This means that as of 2022, NYS does not impose an estate tax on estates under $6,110,000. For estates over that amount, NYS imposes a graduated tax with a maximum tax rate of 16%.
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The Federal government currently imposes an estate tax on estates above $12,060,000. However, the current threshold is scheduled to be reduced by half on January 1, 2026.
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The majority of estates are below the New York and Federal thresholds and, therefore owe no estate tax. However, if your estate is over the NY and/or Federal thresholds, we can work with you to develop strategies to minimize or possibly eliminate any estate tax burden and address your estate planning goals for your heirs.
Contact the Law Office of Thomas C. Haberlack, P.C.
Whether you have not yet started your estate planning, your life circumstances have changed, or you need to update your documents, call the Law Office of Thomas C. Haberlack, P.C. We are centrally located in Garden City. If you are unable to travel, we will come to you. Call our office at 516-804-6377.