Under New York law, a non-New York resident is allowed to be an Executor, Trustee, or Administrator of a New York trust or estate. If you are not in New York and have been named as Executor, you may feel overwhelmed and may be unsure of what to do. Fortunately, most of the correspondence and […]
When someone dies in New York leaving a Will, in most cases that will has to go through a legal process called probate. For the probate process to begin, the Will has to be shown to be valid in the Surrogate’s Court in the county where the individual who died was a resident. In order […]
Life insurance is not entirely “tax-free.” While death benefit proceeds are income-tax-free, they are not estate-tax-free unless the beneficiary is a spouse. Life insurance can be an essential component of estate plans for same-sex couples as it is often an effective way to provide liquidity to satisfy any estate taxes due as a result of […]
The gift has to be made to a qualified tax-exempt charitable organization and the charitable deduction has to be itemized. If your total itemized deductions are less than your standard deduction, your taxes won’t be reduced. If you or a family member need assistance with estate gift tax call me at (716) 333-5144.
You must put the terms in writing, include a repayment schedule and charge a fair market interest rate. If you forgive the loan at any point, then it is considered a gift. If you or a family member need assistance with estate gift tax call me at (716) 333-5144.
There is not a limit on gifts you can give to charity or your spouse without owing tax subject to several exceptions. The $13,000 a year is per person ($26,000 if you are married). You can give $13,000 to as many people as you wish each year tax-free. Even if you exceed your annual exclusion […]
No, the person who gives the gift may owe gift tax. Gifts from your employer may be taxable as income. Also, if you receive property that appreciated in value since the donor purchased it, you get the giver’s cost basis. If you receive over $100,000 in gifts from one or more foreign individuals, you must […]
A closing letter is provided by the New York State Tax Department to certify no tax is due or to serve as a final receipt for the tax due. It is received after all processing is completed and should be kept as a permanent record. Most closing letters will take about 4-6 months from the […]
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