The IRS recently announced updates to the estate tax and annual gift tax exclusions, effective in 2025. These changes provide new opportunities for preserving family wealth and reducing the tax impact on your estate. Let’s explore how these updated exclusion amounts work and why they’re significant for your estate planning. What the 2025 Estate Tax […]
gift tax
What Is the 2024 New York Estate Tax Exclusion?
In this post, we are going to look at the 2024 New York state estate tax exclusion. But before we get there, we will provide some general information about taxes on inheritances to provide clarity. The Good News You may be surprised to hear that you do not have to report an inheritance that you […]
2024 Estate Tax Exclusion Hike Announced
As we move towards 2024, you should pay keen attention to the recent updates by the Internal Revenue Service (IRS) regarding estate tax exclusions and gift tax exemptions. These changes offer significant planning opportunities and challenges for individuals with substantial estates. 2024’s Estate Tax Exclusion Increase: A Crucial Development The estate tax exclusion amount, which […]
New York Gift Tax: Estate Taxes Explained
Scenario: Imagine you’re planning your estate in New York. You’ve heard about various taxes but are unsure how they apply, especially when it comes to gifting assets to your loved ones. You wonder, “Is there a gift tax in New York? How does it affect my estate planning?” If you’ve asked yourself this question or […]
2023 New York Estate Tax Facts and Figures
There is an estate tax in the great state of New York, and you should be fully aware of the parameters when you are creating your estate plan. In this post, we will share all of the important facts and figures for 2023, and we will look at taxation on estates in a broader sense. […]
What Is the New York Estate Tax Cliff?
Before we take a look at the New York estate tax and the so-called “cliff,” we should provide a brief explanation of the federal estate tax. This tax can definitely take a bite out of your legacy, but fortunately, most people do not have to pay the tax. This is because there is a credit […]
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