Q: If a will says I devise my home and real property to my sons, will they have to pay inheritance tax in NYS upon my death
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New York
- (908) 460-5431
- View Profile
- Answered
A: If the home was yours without a spouse and is over $5.3M, then your estate will pay estate tax. There is no "inheritance tax" in NY, an inheritance tax would be paid by the beneficiaries of the estate but that doesn't exist in NY.
Lawyers, want to be a Justia Connect Pro too? Learn more ›
- New York
- (908) 460-5431
- View Profile
- Answered
A:
Let me clarify my earlier answer, in NY the rate is 16% for amounts above the Basic exclusion amount (BEA) which is:
(For dates of death)
On or after April 1, 2014, and on or before March 31, 2015, $2,062,500
On or after April 1, 2015, and on or before March 31, 2016, $3,125,000
On or after April 1, 2016, and on or before March 31, 2017, $4,187,500
On or after April 1, 2017, and on or before December 31, 2018, $5,250,000
Inna Fershteyn agrees with this answer
A:
Hi,
Depends on the value of your estate. Estate tax is usually for estates over $5mill. As previous attorney said, there is no Inheritance tax in NY. They will have to pay probate fee and all court expenses as you have a will instead of a trust.
If you own a home, you should really set up a Revocable Living Trust . Read this article about difference between Trust and a will http://brooklyntrustandwill.com/wills-trusts
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
A: To try to avoid probate, you may be best suited to hire an attorney such as myself to draft you an inter vivos trust, a pour-over will, and related documents instead of a will. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website, www.AEesq.com. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
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 you and Justia, or between you and any attorney who receives your information or responds to your questions, 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.
