Q: Does will need to say "in trust" to avoid inheritance tax in NYS?
A:
That's not correct. Inheritance tax has nothing to do with what the will says. Inheritance tax is paid on any assets over $5,000,000 if both spouses are US citizens. You need estate Planning consultation to proceed.
Also, Trust and will are 2 separate legal documents.
Sincerely,
Inna Fershteyn
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 1123
tel: 718-333-2394
fax: 718-701-8859
www.BrooklynTrustandWill.com
5 users found this answer helpful
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New York
- (908) 460-5431
- View Profile
- Answered
A: The attorney who responded is for the most part correct, but note that it is $5.3 million for individuals and $10.6 for married couples as the lifetime gift exemption, that's the rate at which the estate tax (not an "inheritance tax," that's different and the beneficiaries pay it, NY does not have that) kicks in. I do agree that you should have a consultation with an estate planning attorney in order to get the best plan in place to suit your specific needs.
A: The others are right. Whether there is a trust or not in a will has no impact on estate taxes. Simply saying in trust is not the proper way to make a trust. A trust has good points and bad points depending on the situation and what you are trying to do, none of which is stated.
Justia Ask A Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask A Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between Justia and you, or between any attorney who receives your information or responds to your questions and you, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask A Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises, or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
