Estate Tax Planning Today To Protect Your Assets Tomorrow
Estate taxes can take a substantial chunk out of your assets. Through proactive estate tax planning, you can minimize the impact of tax penalties and pass more of your wealth to future generations.
At The Wills & Trusts Firm, LLP, our attorneys can help you with this. Since 2005, we have provided high-quality representation to clients throughout the New York City metro area.
Asset Protection And New York Estate Taxes: What To Know
As of 2023, New York state imposes a tax rate of 3.06% to 16% on estates of $6.58 million or more. The threshold increases slightly every year based on inflation.
Fortunately, there are asset protection strategies that our estate planning lawyers can implement proactively. A primary method is to place your assets in asset protection trusts. You name a beneficiary to the trust so that they can asset the money, goods or real property included. Once in the trust, your assets are not subject to taxation. However, any income generated by the trust is.
Speak With An Estate Tax Lawyer About Your Assets
Work with knowledgeable tax attorneys like ours at The Wills & Trusts Firm, LLP. To schedule an initial consultation about estate tax planning, please call our metro NYC office at 347-201-3850 or send us an email today.