NY/NJ Estate Taxes

“The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death.”
Internal Revenue Service

Often people ask:

“What should be included in the Estate?”
“When shall I file the Estate Returns?”
“What if I can’t meet the filing deadline?”
“ What is the tax rate of the Estate?”
“ What is the value of the house that I inherited to be included in the Estate?”
“What if I don’t have the cash to pay the estate taxes due?”
“What can I deduct to reduce my Estate Taxes?”

“How to transfer unused exemption amount to my spouse who succeed me?”

Estate tax and planning is complicated. Instead of you reading and researching the complex estate taxes, laws and the deadline of the Estate Taxes on your own, allow our experienced tax professionals to help you understand the complexity of Estate taxes and develop your unique estate plan.

Recent Changes

For the tax year of 2018 and subsequent years, exemption amounts on estate and inheritance taxes have been increased. As a result, the beneficiaries (based on their relationship with the deceased) might not have to file and/or pay the estate and inheritance taxes for certain states (New Jersey included). Consulting with the tax advisors of our firm will ensure all loose ends are tied up.

Still in Effect

In addition to the above, other matters to consider include getting the appropriate type of waiver to obtain access to the deceased’s bank accounts and dispose of his/her real estate. Advice from a CPA at our firm will smooth out the process with accuracy and save you some unnecessary headaches.

Overseas Inheritance

As for those who receive inheritance outside of the United States, do you know that there are required informational forms needed to be filled out once certain dollar amounts threshold are reached?

If you think IRS would not find out, think again.

What You Could Control

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

Proper planning during you life time could help reduce the estate taxes bites and transfer the wealth you accumulated to the recipient(s) at the amounts you intended at the “right” time.

You could plan on your own, but do you really want to have beneficiaries or “left-out beneficiaries” to challenge your hand-written will in court?

Although we are not attorneys and certainly don’t offer legal advice, we will work side by side with your estate planning attorneys. Do you know that although most attorneys charge their service by hours, there are some would charge estate planning by projects? How do you choose an attorney whose expertise would compliment your situation?

You have questions? We have the answers. Give us a call, and we would be happy to offer a thirty-minute complimentary consultation! Draw upon our full complement of services and expertise to help you through land acquisition and disposition, ownership and transactions, financing, land use planning and more. We take a proactive approach to developing and implementing solutions to your distinct challenges to help you manage your real estate assets.

Draw upon our full complement of services and expertise to help you through land acquisition and disposition, ownership and transactions, financing, land use planning and more. We take a proactive approach to developing and implementing solutions to your distinct challenges to help you manage your real estate assets.