For many of us, the fruits of a lifetime’s work go beyond just financial assets. Our estates represent our values, our stories, and our legacies. However, without proper planning, state and federal tax obligations can impact how much of your hard-earned wealth is passed on to your loved ones.
At Katz Law Firm, PLLC, we understand that estate planning is about much more than just reducing taxes. It’s about ensuring your life’s most meaningful accomplishments and cherished belongings are preserved and distributed according to your wishes. That’s why our New York estate and gift tax planning attorneys take a comprehensive approach, helping you navigate regulations while keeping your unique family situation at the forefront.
Whether you’re looking to minimize estate taxes or strategically gift assets to your beneficiaries, our team offers personalized solutions tailored to your goals. Your life’s work deserves to be celebrated and protected. Contact our team today to discuss your family’s future.
In New York, if you’re a resident who died during 2024 and your estate is valued at more than the “basic exclusion amount,” which is $6,940,000, your estate will need to file a New York State estate tax return. This threshold includes your federal gross estate plus any includable gifts you’ve made in the three years prior to your death.
For nonresidents, if your estate includes any real estate or tangible property located in New York, the amount of one’s federal gross estate with any includible gifts exceeds the basic exclusion amount threshold, a New York State estate tax return is also required.
On the federal level, estates worth more than $13,610,000 (as of 2024) are subject to federal estate taxes. But don’t worry – with careful planning, we can help you minimize the tax burden on your heirs.
Gift taxes also play a significant role in estate planning. As of 2024, you can give up to $18,000 per “person” each year without triggering any gift taxes. This is known as the annual gift tax exclusion. If you give more than that amount to any one person in a year, the excess counts against your lifetime gift and estate tax exemption.
We know that every situation is unique, and that’s why our tax planning attorneys stay up-to-date with the latest changes in estate and gift tax laws. We’ll work with you to develop a personalized plan that maximizes your tax savings while ensuring your assets are distributed according to your wishes.
Building a legacy takes a lifetime, and we’re here to help you protect it. Reach out to our New York estate planning attorneys today to schedule a consultation.
Making the most of your wealth requires careful planning to minimize taxes and ensure your assets benefit your loved ones. Our attorneys will guide you through thoughtful gifting strategies that align with your values while maximizing what gets passed on.
One fundamental way to leverage gifts for tax purposes is by taking advantage of the annual gift tax exclusion.
This entitlement allows you to give up to a certain amount each year (currently $18,000 per recipient in 2024) without incurring any gift taxes or using up your lifetime exemption.
Some innovative ways to make the most of this exclusion include giving the maximum amount to multiple recipients each year, or spreading out larger gifts over several years to stay within the annual limit.
Another powerful strategy is to use gifts to fund unique trusts, such as:
By carefully structuring your gifts and working with our experienced gift tax lawyers, you can significantly minimize the tax implications when transferring your wealth to loved ones.
If you’re married, you and your spouse can use gift-splitting, allowing you to double the annual exclusion and give up to $36,000 per recipient in 2024. Moreover, the lifetime gift tax exemption for married couples in 2024 changed to $27.22 million.
Donating to qualified charities supports causes you care about and offers practical gift and estate tax deductions.
The trick is to develop a custom plan that aligns with your family’s financial situation, dynamics, and long-term objectives.
Gift tax planning doesn’t exist only under federal rules – it’s also part of the big picture in your estate planning.
The estate tax in NY starts at 3.06% and goes up to 16% in 2024. Depending on the value of assets, these rates are significantly lower than the federal tax. However, your estate could owe state taxes even if it falls below the federal threshold if its value exceeds the state’s exemption.
The tax exemption threshold in our state is $6.94 million in 2024, adjusted annually for inflation. Additionally, New York has a unique “estate tax cliff” that may cause an assessment on your legacy if it exceeds the exemption amount by 105% within a certain period before your death. Therefore, you must carefully plan to avoid these costly pitfalls.
Another critical factor to consider is the three-year lookback rule for gifts. The state may claw back gifts made within three years of your death into your taxable estate for estate tax assessment, so you must plan ahead and not wait until the last minute to start gifting.
Learning federal gift and NY estate tax laws is no simple task.
When you work with our estate planning attorneys from the Katz Law Firm in New York, you benefit from:
With tailored gifting solutions, we ensure your wealth transfer aligns with your goals while responsibly handling tax requirements.
You’ve worked hard to build a legacy for your family. Don’t let a lack of proper planning jeopardize it by exposing your assets to unnecessary taxes.
Take a proactive approach to estate tax planning and work with the attorneys at the Katz Law Firm.
We preserve your wealth and ensure you pass it on to future generations as efficiently as possible.
The Katz Law Firm takes the time to understand your unique situation and guides you every step of the way, from developing a customized gifting strategy to implementing it effectively.
Contact us today to schedule a consultation and create a comprehensive gift tax plan that secures your family’s future.
Crafting a lasting legacy that reflects your values and aspirations starts with a purpose-driven plan.
Start your journey with a personal consultation to discuss your estate planning needs and questions.
Define your legacy with clear goals for asset distribution, family protection, and wealth preservation.
Craft a tailored estate plan that aligns with your objectives and provides legal protection for your assets.
Finalize a secure, comprehensive plan for future certainty and peace of mind for you and your loved ones.
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As Your Life Changes, So Should Your Estate Plan. Our Flexible Solutions Adapt To Your Unique Needs, Providing Ongoing Peace Of Mind.
Our lead estate planning attorney, Adam Katz, is passionate about helping families and individuals navigate the complex world of estate planning with compassion and a personal touch.
With more than 17 years of experience in estate planning and probate law, Adam Katz has helped countless clients achieve peace of mind by crafting comprehensive plans tailored to their unique needs and goals. He takes the time to listen to your concerns, explain your options in plain language, and guide you through every step of the process.
Adam Katz believes that estate planning should be an empowering experience, not a daunting one. He is committed to building long- lasting relationships with clients, ensuring that your plan evolves as your life changes. Whether you’re just starting your estate planning journey or need to update an existing plan, Adam Katz is here to provide the knowledgeable guidance and support you deserve.
At Katz Law Firm, we understand that estate planning is not just about drafting documents; it’s about building relationships and creating a lasting impact.
