Long Island Estate Tax Attorney
Understanding How Estate Taxes are Applied
Currently impacting the wealthiest 2% of Americans, estate taxes are imposed on the right to transfer real estate or other assets and property upon the death of an individual. Estate taxes are applied to everything an individual owned on the date of death including investments. The total inventory of property is assessed at the current fair market value as opposed to the value of the item when the investment or purchase was made. Once this is complete, deductions can be made such as outstanding mortgages and other debts or expenses and other assets that are passed in a trust. An experienced Long Island tax attorney can help identify these deductions and guide clients smoothly through the rest of the process as well.
The total amount of an individual's estate, after deductions have been applied, is increased after adding the total amount of taxable gifts that were given by the individual since 1977. Once this has been completed, an appropriate taxable amount may be applied to the entire estate. The unified credit is available to those who qualify, and can modify this taxable amount to apply to the taxable property and total gifts over $1,000,000.
Find a Dependable Estate Tax Lawyer in Long Island
Depending on the size, complexity and value of an individuals' total property, navigating estate taxes from application to payment can be very frustrating and confusing, especially for those who are not familiar with this type of tax law. Blutter & Blutter is an established law firm composed of skilled and accomplished tax attorneys representing residents throughout Long Island. Their firm has a deep understanding of both federal and New York State tax laws, and can be a great asset in the estate taxation process. While they may operate with the quality-control of a large firm, they prefer to work closely with clients in a small-firm environment to provide the best support and representation in all estate tax issues.
Contact a Long Island estate taxes lawyer if you are responsible for an estate and are interested in discussing the issue of paying estate taxes with a qualified legal professional.