Trusted Insight For Estate Tax Planning
When the objects of your bounty comprise significant real property holdings, cash, art collections, high-value animals, sports cars, recreation vehicles, boats, planes, businesses, publicly traded securities and other assets, estate tax planning is an essential component to your estate plan.
State and federal estate taxes are a complex weave of ever-changing laws. The basic exclusion amount (BEA) in New York is $5,930,000. The federal exemption amount, subject to change in 2026, is currently $11,700,000. Estates valued higher face taxation at graduated rates.
Real property alone in New York is at an all time high, so exceeding the BEA for estate taxes is not uncommon. Attorney William A. Simon has the experience you need to inventory your assets and develop an estate plan to maximize your best interests.
Reducing Your Taxable Estate Without Compromising Your Lifestyle
There are myriad options for reducing your taxable estate. Many people establish one or more trusts to transfer their wealth. Some will create family limited partnerships. You can also consider other highly respectable choices, including lifetime or testamentary transfers, such as:
- Gifts to charitable organizations
- Gifts of real and personal property to family members
There are limits to the dollar amount of gifts that can be made per year. Exceptions may apply. Attorney Simon is a knowledgeable estate planning attorney with more than four decades of experience serving clients in New York. He can help you create a thoughtful estate plan to maximize your wealth now and preserve your legacy for use by the next generations as you wish.
Update Or Create Your Estate Plan Soon
If you have recently experienced a change in your life’s circumstances such as a divorce, death of a loved one, marriage, birth or adoption of a child, contact the law firm of McGarry & Simon for assistance updating or establishing your estate plan. If you are the surviving spouse whose property previously benefitted from a marital deduction, you may have to address qualified terminable interest property (QTIP) matters.