One of the common misconceptions people have about estate planning is that ‘it’s only for the rich.’ People with a shrug of their shoulder will exclaim “what’s the point? I’m not rich, I can’t afford an attorney that can work my money and find all those tax loopholes. My money is just going to end up with the government anyway.”
Unfortunately, this attitude tends to lead many to disregard planning their estate, writing a will, and creating a plan. What these folks fail to realize is both the importance of planning, but also that for many, a slick lawyer with knowledge of every tax loophole is unnecessary. Estate Taxes in New York won’t affect many middle and working class families. A NY resident doesn’t have to file an Estate tax return if their federal gross estate is under $2 million and this number is actually going up. For a NY state resident who passes away on or after April 1, 2017, and on or before December 31, 2018, that estate won’t have to file a NYS estate tax return if that estate is worth less than $5,250,000.
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