Reliable Advice About State and Federal Estate Taxes
Depending on the size of the decedent's estate, the executor or administrator of a New York decedent's estate might need to pay state and federal estate taxes. Certain mistakes in estate planning prior to death like improper gift transfers, incomplete transfers into living trusts, or inadequate Medicaid planning might also trigger tax liability or government "claw-backs" into the estate's assets.
Call 718-793-1133 for Advice About Estate Taxes in New York City, Long Island and Westchester
For dependable counsel on state and federal estate tax issues associated with probate or intestate administration, contact my office in Queens — Barry Seidel & Associates, Attorneys at Law.
My experience guiding clients through the nuances of estate administration goes all the way back to 1982. Whether or not your estate will face tax liability, your administrator / executor will still need to get an estate tax ID number and file state and federal returns on behalf of the estate. I can help make sure that your returns are filed in the right form and on time — errors in filing can expose the estate to hefty fines. These surcharges might even have to paid by the executor, particularly when a beneficiary of the estate thinks the executor was negligent in preparing the returns.
Most married couples, particularly those with substantial assets to protect, have comprehensive estate plans in place that will defer tax liability after the first spouse dies. Usually through trust instruments, marital property generally passes directly to the surviving spouse outside of the probate process and without the immediate need to pay estate tax. When the surviving spouse dies, however, the estate taxes come due, and they can take a substantial bite out of the value of the estate.
The advice of an experienced lawyer can help you manage estate tax liability upon the death of the surviving spouse or in the absence of effective estate tax planning strategies. I can help make sure that gift transfers are properly documented, trust assets are properly titled, and all estate property is properly appraised and valued. Together with the timely and complete submission of tax returns, these strategies can help keep the estate's tax liability at a manageable scale.
To find out more about the ways your estate can benefit from my experience with the tax aspects of estate administration in New York City, contact Barry Seidel & Associates in Forest Hills, Queens.
