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Estate Tax in New York

A number of states, including New York, impose inheritance and estate taxes on any real estate owned by a decedent within the state. Estate tax is also applied to the personal property of deceased residents of New York. These taxes can be burdensome for those receiving the property, and knowing the estate tax laws in New York can help protect your family from unnecessary taxes after your death.

Typically, estate planning consists of setting up a will, naming powers of attorney for healthcare and finances, and appointing a guardian for your children, if they are minors. Although these may sound like difficult procedures, an experienced New York estate planning attorney can help you navigate through New York estate laws and make sure your affairs and interests are protected.

Recently in Estate Tax Category

Gift Tax Increases Starting April 1

Governor Cuomo has proposed a slew of changes to New York's estate and gift tax law that may affect you.

Under the new law, all taxable gifts made by a New York resident after March 31, 2014 must be included as part of the gross estate for purposes of calculating the New York estate tax, according to

How does this differ from the current law?

3 Need-to-Knows About the NY Estate Tax

Are you familiar with New York's estate and death tax system? New York is one of 14 states with an estate tax -- a tax on the cash, real estate, stocks, bonds and other property left by residents who have died. But the law might soon change.

The taxation of wealth transfer is a complicated area of law, but a basic introduction to estate taxes and death taxes can help you start thinking about this pressing financial planning issue.

Here are three things to know about estate taxes and death taxes in New York:

5 Ways to Minimize Estate Taxes

A major part of estate planning is developing an understanding of your potential tax liability and minimizing this amount.

The federal estate tax, which is imposed on large estates, can be reduced through various estate planning techniques. The following is a list of five methods you may want to think about as ways to reduce your estate taxes:

3 Complex Estate Planning Concepts

Many people think that a will is the only estate planning document out there. When they think if estate planning, they assume that a will is all they need.

We've discussed the variety of documents in an estate plan on this blog many times before. While a will is one of the more important estate planning documents, it's not the only one.

We've gone over some of the more common estate planning documents, tools and terms, such as those you're likely to see in a basic estate plan. Now, let's take the time to talk about some of the more obscure ones -- the kinds of terms you're likely to come across in more complex estate plans.

Fiscal Cliff Averted, But 2012 Estate Tax Law Barely Changed

The new year has rolled in, and the nation has dodged the fiscal cliff.

In a series of last-minute pow-wows, lawmakers finally came together and crafted a solution to avoid the impending fiscal cliff.

For estate planners out there, don't start looking for your plates to get full. The estate tax issues in the fiscal cliff have changed, but not as dramatically as many had hoped.

George Soros and Warren Buffett Want Higher Estate Tax

It’s not every day that you see billionaires asking for a raise in taxes which would essentially affect their “wealth category,” namely, the rich.

But yes, two prominent billionaires are doing just that, writes Bloomberg News. You’ve likely heard the name Warren Buffett. And if you watch Glen Beck, then you’ve likely also heard the name George Soros.

Both men are billionaires and both are calling for a rise in the estate tax.

Warning: Fiscal Cliff Ahead! Might be Too Late to Make Gifts

The year-end is coming up and with all the talk about the fiscal cliff, people might be asking what their year-end tax moves should be. And if their estate plan factors into their year-end planning, they might also be asking what their year-end estate planning moves should be.

There’s been extensive talk on this blog about the year-end tax debacle with the estate tax going back to a $1 million exemption amount.

With December 31 only weeks away, there’s still no accord in the legislature and while the fiscal cliff is an issue that affects many different taxes, the estate tax proved to be a contentious aspect of that debate.

The 'Fiscal Cliff' and What It Means for Estate Planning

We’ve been hearing quite a bit about the “fiscal cliff.” But what does it mean and how does it impact your end of year estate planning?

The fiscal cliff is a phrase used to describe the end-of-2012 tax issues that the United States will be facing. Here’s the story: As of December 31, 2012, many tax cuts and tax breaks will expire. Some call it a “disaster waiting to happen.” According to CNN, it includes $7 trillion worth of tax increases and spending cuts over the course of a decade.

Huguette Clark, Bellasguardo Foundation and Charitable Giving Law

Earlier, we talked about the estate of Huguette Clark and the Santa Barbara property that was designated to her private foundation.

The law of charitable giving and nonprofits isn't always crystal-clear to the layman. The terms public charity and private foundation often get confused. People assume, when they hear the word "foundation" that it's the same thing as a charity.

How it Works: The QTIP Trust

Let’s talk today about the Qualified Terminal Interest Property Trust, also known as the QTIP trust. It’s a great tool to avoid paying estate tax.

The QTIP is very similar to a bypass trust, but with some tiny differences. It’s a trust that goes to your spouse when you pass away, naming your spouse as beneficiary. The spouse has the right to certain income from the trust for his or her life. Upon death, the assets in the trust go to the beneficiaries designated in the trust.

This trust is for married couples. And only a U.S. citizen spouse can be named as a beneficiary of the trust.