Estate planning is a process that encompasses a wide variety of life-planning decisions and includes a plan for your finances, property, and other assets when you pass away. When you are in the process of completing an estate plan, it is important you have a knowledgeable Smithtown estsate tax lawyer on your side to help you understand the specific laws and exemptions that may affect you.
Fratello Law is a New York law firm with experience helping clients who are in the process of estate planning and are in need of knowledge concerning estates taxes. It is crucial that you get the help of one of our trusted estate tax lawyers who can educate you on the laws and regulations concerning estate taxes in Smithtown, New York. We are a small firm with a big heart that focuses on building high-quality relationships with our clients as we guide them through all of their legal needs.
Many people tend to confuse estate tax and inheritance tax. However, not only do these two terms refer to different types of taxes, but New York actually does not charge an inheritance tax. Instead, when an individual passes away, their estate may be subject to an estate tax.
The federal estate tax rate ranges between 18% to 40%. For 2023, only estates valued in excess of $12.92 million are subject to a possible estate tax. However, the New York estate tax rate is significantly lower than that of the federal rate. New York estate tax rates start at 3.06% with a maximum rate of 16%. In the State of New York for 2023 only estates that are valued in excess of $6.58 million may be subject to this estate tax. If you are unsure if your property will be affected by the estate tax rate in New York, speak with one of our experienced Smithtown estate tax lawyers as soon as possible.
Estate planning is important for many reasons, when you work with our trusted estate planning lawyers, they can help you utilize various estate planning tools such as trust planning and lifetime gifting that may reduce or eliminate the estate tax that may affect your assets. To best understand what estate planning tools may be right for your estate plan, retain the help of one of our Smithtown estate planning lawyers today.
At Fratello Law, our team of legal professionals are here to help you with every detail of the estate planning process as you try to minimize the amount that your estate will be taxed. Our Smithtown estate tax lawyers are well-versed in the estate planning process and familiar with the laws concerning estate taxes in New York. We can help you communicate effectively with all relevant parties and help navigate unique financial and family situations.
Schedule a complimentary consultation with our skilled Smithtown estate tax lawyers by calling (516) 321-4010 or filling out our contact form. We are also available for video conferences and to travel to your home for the convenience of homebound clients.
Small Firm, Big Heart.