Estate Taxes
New York Estate Tax Attorney
The Estate Tax Attorneys at the Law Offices of Schlissel DeCorpo welcome the middle class tax relief act of 2010. Congress passed this new law and President Obama signed it into effect.
Middle Class Tax Relief Act of 2010 – Estate and Gift Taxes
This statute, which was a compromise between the Republicans in Congress and President Obama relieves Americans from high estate taxes in 2011 and 2012. For these estate dying in 2011 and 2012 over and above five (5) million dollars will be taxed at a rate which will not go higher than thirty-five (35%) percent. In addition, real property will have a “stepped up” tax basis based on the value of the property on the date of death. This will reduce capital gains taxes when the property is sold.
Executors, administrators and trustees will have a second option regarding estate taxes for the years 2011 and 2012. Under this option, there will be no federal estate taxes. In consideration, for the waiver of Federal Estate Taxes, there will be a very limited ability to have a stepped up cost basis in the property that the beneficiaries receive, to date of death values. In this situation when the estate property is sold, there will be a more significant capital gains tax.
After 2012, unless Congress acts again to pass a new estate tax law for 2013, the estate tax rate will revert back to one million dollars per person and estate tax rates will climb back up to fifty-five 55% percent. Hopefully, Congress will get its act together and pass a new Estate Tax Law prior to 2013.
New York State Inheritance Law
For those of us who live in New York State, we are subject to double taxation on estates. In addition to paying a Federal Estate Taxes, New York State has its own inheritance tax. The Inheritance Tax in New York State has an exemption for the first one million dollars. On all assets above one million dollars, individuals pay up to 16% percent in estate taxes.
For 2011 and 2012, the gift tax to individuals will have a lifetime exemption of five million dollars. After 2012, unless Congress acts again, the gift tax rate will revert back to one million dollars per person. Should you be interested in making significant gifts, it would be in your best interest to consult with our office.
Estate and Gift Tax Lawyers
Our office can assist you in dealing with the new Federal Estate Tax, the New York State Inheritance Tax and the Gift Tax issues. In estate planning situations, we can provide you with information as to how to maximize your gift tax and estate tax exemptions and reduce the amount of taxes on your estate. Should you be a fiduciary, we can assist you in post-mortem estate planning to reduce Federal and New York State taxes. Feel free to call the Law Offices of Schlissel DeCorpo for a consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.
Contact An Experienced Estate Tax Attorney Today
Contact us to discuss your estate tax matter and our qualifications to represent you. Feel free to call toll free, any time, day or night, at 1-800-344-6431 or contact us at 718-350-2802. You can also reach us in Nassau County at 516-561-6645.
We welcome your inquires.
Elliot S. Schlissel has offices in Lynbrook, Queens, and Suffolk County, and we represent individuals throughout the New York metropolitan area, including Long Island, Nassau County, Suffolk County, Westchester County; and NYC’s five boroughs of The Bronx, Brooklyn, Manhattan, Queens, and Staten Island, NY.
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