Estate and Gift Tax Planning Strategies
Many couples are surprised to learn that their cumulative estates would in fact be subject to estate taxes. You need to know in advance if your holdings would be subject to New York or federal taxes on inheritance so that you can plan accordingly.
The experienced estate planning attorneys of Robshaw & Voelkl, P.C., counsel high net worth clients as well as middle-class families regarding gifting, trusts and other estate tax strategies. We have helped clients in the Buffalo area and throughout Western New York minimize or avoid estate taxes via sophisticated planning. We invite you to arrange a consultation.
Avoiding Estate Taxes in New York State
There is a disparity in the thresholds for the federal estate tax and New York estate tax, and Congress frequently tinkers with the formula. Without proper planning, you or your heirs may be subject to one or both of these taxes. Even couples who have taken steps to avoid "death taxes" may need to take additional precautions. In 2013, for example, the federal estate tax exemption is set to drop substantially, once again exposing thousands of New York estates to taxation on the nonexempt portion of wealth.
Our attorneys can determine if your assets are in jeopardy, and we are familiar with a variety of tax minimization and tax avoidance strategies to limit the impact on your heirs and the size of your legacy to them:
- Annual gifting allowances to gradually transfer wealth without triggering gift taxes
- Second-to-die insurance trusts, which pay out only after both parents are deceased and can be used to offset estate taxes
- Other types of trusts that reduce the taxable estate
Experienced Buffalo Estate Lawyers
While there are legitimate ways to decrease estate taxes and avoid gift taxes, it is also possible to encumber assets, incur penalties or mess up one's own estate by going overboard to spare your heirs from inheritance taxes. We provide sensible solutions and a big picture approach to ensure that the tail is not wagging the dog and that you still enjoy the full benefit of your estate until it passes to the next generation.
To discuss tax planning and your overall estate planning, call Robshaw & Voelkl at 716-568-7056 or 888-863-1797 or contact us online to schedule a free consultation.
