New York City Estate Tax Planning Attorneys
The laws regarding gifts and estate taxes have undergone tremendous changes in recent years, resulting in a gradual reduction in the amount of property subject to tax, and then a complete phase out of estate tax in 2010. It is unclear, at this time, whether this rate change will be in effect in 2011.
Clients can count on the estate tax planning attorneys at GREENFIELD STEIN & SENIOR, LLP, to always be up-to-date on the latest tax law changes. Our firm is one of the premiere estate planning and estate litigation firms in New York, a position we have attained through quality legal service that meets and exceeds our client's expectations.
Contact our midtown Manhattan law office to learn more about estate planning tools that can help reduce the tax loss to your estate after your die. Allow our estate tax planning attorneys to help you understand which of the following tax-saving options will work best in your situation:
Gifts to family members: An individual can make an annual gift of $13,000, or a couple of $26,000, to another individual without incurring a gift tax. If you make this a regular practice, it can greatly reduce the size of your taxable estate. Making gifts under the Uniform Transfer to Minors Act is one form of gifting to children under age 18; making contributions to college savings plans is another.
Unified Credit Trusts and QTIP trusts: Unified Credit trusts, or Credit Shelter trusts, allow for the transfer of large estates from one spouse to another while taking best advantage of the estate tax exemption. A QTIP trust allows greater control over disposition of assets on the death of a surviving spouse, and may be desirable, for example, where there is a second marriage and a spouse would like to ensure assets are distributed to children from a first marriage.
A life insurance trust creates a fund outside of your taxable estate. Life insurance proceeds become the assets of the trust, rather than of the estate of the insured.
Family limited partnerships and qualified family-owned business interests are two options for transferring family businesses to a younger generation and protecting family assets but may require relinquishing control over the business during your lifetime.
Charitable trusts allow you to reduce estate taxes by gifting a portion of your assets to charity, tax-free. In some trusts, you retain use of your gifted assets and the income from them until your death, when the asset transfers to the charity.
Contact GREENFIELD STEIN & SENIOR, LLP to speak to a lawyer about how estate tax planning can help you:
- Transfer gifts from one family member to another, before and after death, while minimizing federal and state gift tax.
- Minimize taxable assets in your estate
- Minimize the impact of estate tax on your taxable estate
- Make best use of the generation skipping tax exemption.