Brooklyn estate tax planning lawyer Yana Feldman (https://yanafeldmanlaw.com/how-does-inheritance-tax-work/), of New York Legacy Lawyers, has recently published an educative article titled "How Does Inheritance Tax Work?" This release aims to demystify the complexities surrounding inheritance taxes, a crucial topic for individuals planning their estate in New York and potentially other states.
In her article, Feldman emphasizes the importance of understanding the distinctions between estate tax and inheritance tax, two terms that often cause confusion among estate planners. "Estate taxes are levied on the deceased’s estate before distribution to the heirs, whereas inheritance taxes are paid by the heirs on what they receive," Brooklyn estate tax planning lawyer clarifies. This fundamental differentiation is vital for anyone involved in planning their estate or managing the estate of a deceased loved one.
The Brooklyn estate tax planning lawyer further explores the implications of owning properties across state lines, where different inheritance tax laws may complicate estate planning. Feldman advises, "If a New York resident owns property in another state, their heirs may face inheritance taxes from those states unless proactive steps are taken." This is a critical consideration for New Yorkers, as nearby states might enforce different tax structures, affecting the overall strategy for estate planning.
Yana Feldman’s article provides a comprehensive overview of how inheritance taxes are calculated and how various exemptions can apply. She explains that "tax rates and exemptions vary significantly from state to state, making it crucial to understand the specific regulations applicable to your estate." Feldman also highlights several trust options available to New Yorkers, such as Irrevocable Life Insurance Trusts and Charitable Remainder Trusts, which can offer both tax benefits and alignment with personal philanthropic goals.
Addressing the benefits of proper estate planning, Feldman states, "Effective estate planning ensures that your beneficiaries receive the maximum benefits from their inheritance while minimizing their tax burden." She underscores the necessity of drafting well-considered wills and creating strategic trusts to protect heirs from potential financial strain due to taxes.
The article encourages readers to seek professional guidance to navigate the often convoluted landscape of inheritance taxes. Feldman advocates for early and thorough planning to avoid unintended consequences and ensure a smooth transfer of assets to the next generation.
About New York Legacy Lawyers:
New York Legacy Lawyers is a distinguished law firm based in Brooklyn, well-versed in estate planning and inheritance law. With a team of dedicated professionals, the firm can offer experienced guidance on wills, trusts, and estate administration, helping ensure clients achieve their estate planning goals while providing security and peace of mind for future generations. Their approach combines in-depth legal knowledge with a personalized strategy tailored to each client’s unique situation.
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