Can a Probate Attorney Help Reduce Estate Taxes?

Losing a loved one is a deeply emotional time, and on top of that, the complexities of probate and dealing with the tax implications on an estate are a real burden. Finding a knowledgeable probate attorney in Queens can be a tremendous help in navigating the probate process and finding legal strategies to help minimize the estate’s tax burden. 

Can a Probate Attorney in Queens Help Reduce Estate Taxes?

New York imposes its own estate tax in addition to the federal estate tax, and the New York estate tax exemption is currently much lower than the federal exemption, making careful planning especially critical for New York residents. An experienced probate attorney understands the various deductions, exemptions, and complex state and federal tax laws, which enables them to structure an estate plan that makes the most of your allowable exemptions.

Proactive Estate Planning Is Key

The most effective way to reduce estate taxes isn’t during probate but rather through proactive estate planning well before death. A probate attorney can work with you to incorporate various strategies into your estate plan, such as setting up trusts, gifting assets during your lifetime, and taking full advantage of any charitable deductions. Even with a smaller estate, careful planning can make a significant difference in the amount your beneficiaries ultimately receive.
It’s important to note that no single strategy is a one-size-fits-all solution. A probate attorney with expertise in estate planning can explain concepts like the annual gift tax exclusion, which allows you to make tax-free gifts up to a certain amount each year. They might also recommend utilizing special types of trusts, such as an Irrevocable Life Insurance Trust (ILIT) to remove the proceeds of a life insurance policy from your taxable estate. For those with charitable intent, creating a Charitable Remainder Trust (CRT) can provide income during your lifetime along with significant estate tax advantages.

How Joseph N. Yamaner and Associates Can Help

At Joseph N. Yamaner and Associates, we recognize that estate planning and probate are about preserving your legacy for loved ones, and we know you want to preserve everything you can for them. We’ll take a comprehensive approach to planning your estate, focusing on minimizing the tax burden and maximizing what your loved ones receive. Here’s just some of how we can assist you:

Personalized Estate Planning

We take the time to understand your unique circumstances and tailor an estate plan that aligns with your goals and maximizes allowable tax exemptions.

Strategic Estate Administration

During probate, we work with all the complex tax laws to uncover any deductions, credits, and legal strategies to minimize the tax liability of the estate.

Trust Formation and Management

Trusts can be powerful tools in estate tax reduction, and we can explain to you the types of trusts best suited to your situation and handle all aspects of their creation once you’ve decided.

Estate taxes can significantly impact the inheritance your beneficiaries receive. Don’t let avoidable taxes diminish your hard-earned assets. Contact the skilled probate attorneys at Joseph N. Yamaner and Associates today for a consultation to help you alleviate the stress of estate tax planning. Our team of attorneys here in Queens and Rego Park can help you ensure your legacy is passed on as intended.

Tags: Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Estate Planning New York
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