New York is one of the states that taxes the estates of decedents who owned property within the State.  There are a variety of details involved in the way estate taxes are determined and the methods in which they are paid and New York Probate Attorney Ron L. Meyers may be instrumental in a timely resolve to this facet of the probate process.  Probate action in New York Surrogate Court will need to be initiated before tax issues can be addressed. The services of experienced probate attorneys who understand New York Tax law is paramount to a positive outcome for beneficiaries who wish to close out an estate of a loved one.

Estate administrators and taxes.

As part of the probate process, estate administrators are tasked with claims to be paid within the statutory provisions of New York.  Along with common expenditures of an estate, including funeral expenses, legal fees, court costs and related maintenance of a decedent’s property, tax returns must be filed in accordance with federal and New York State laws.   A deceased individual may have set up tax shelters as part of their estate planning process, and an experienced probate attorney can review those documents to determine what steps should be taken to insure that the estate is only taxed the appropriate amount under governing tax laws.

Exemption.

New York State has a set 5.25 million dollar estate tax exemption and estates worth more than that amount are required to file a state estate tax return within nine months of a person’s death.  An experienced probate attorney can explain the tax rates and considerations for extension when they are available.  Only the value of a property owned by a deceased person is considered for taxation in New York if a decedent was not a resident of New York.

Tax returns.

Experienced New York probate attorneys can assist in the preparation of, and explain what tax returns are necessary to be filed in accordance with federal and New York state laws.  In most cases a final individual federal income tax return should be filed by April 15th  the year after a person’s death in addition to a federal estate/trust income tax return.

Seek legal counsel.

Attorney Ron Meyers  is a seasoned legal professional who can answer all estate tax-related questions and help individuals with the preparation and filing of these documents in accordance with New York and Federal laws.

 

Ron L. Meyers & Associates, PLLC

Address:  475 Park Avenue South, Suite 2100

Manhattan, NY 10016

Phone: 212-644-8787

 

Sources:

 

 

https://www.irs.gov/irm/part5/irm_05-005-002

 

https://www.nysenate.gov/legislation/laws/EPT

 

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