Amoruso & Amoruso Llp
Rye Brook, NY:
Estate Administration 101: Pay Applicable Taxes / Rye Brook, NY & New York, NY
When a loved one dies, the resulting tax issues must be handled. The person to handle these issues is typically identified in the decedent’s will as executor of the estate. However, if there is not a will, the probate court will appoint someone to be the administrator. Nothing is certain...
How to Avoid Paying a High Estate Tax
It is said that there are two certainties in life: death and taxes. When it comes to some states those two things go hand-in-hand. The estate tax, which is also known as the “death tax” seems like a punch in the gut to many who oppose it. Not only do you have to deal with the loss of a loved one, but then the ...
Times When it is Worthwhile to File an Estate Tax Form
With the changes in the tax law, most estates today are not required to pay federal estate taxes and that also means there is no need to file the estate tax forms. For many who fall below the threshold, it doesn’t make sense to pay a professional to file the...
What Baby Boomers Should Know About Estate Planning
Although many baby boomers nearing retirement have accumulated considerable assets over their lifetime, it is predicted that a number of boomers will end up having to pay out trillions of dollars in estate taxes—the most ever witnessed in history.<br>With …
What Estate Tax Will I have to Pay?
One of the most frequent questions asked by potential clients is “how much tax am I going to have to pay on my estate”? While tax mitigation is certainly a consideration, the vast majority of people worry about this issue far too much in my opinion when it comes to estate planning. And notice how...
When and Where You Die Matters
Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more.
When elderly parents reject estate planning
Nancy is an only child. She wants to know how much tax she'll pay on her elderly parents' estate when they die. They did not use any tax-saving strategies.
Why would someone put a house in a revocable trust?
Beverly Collins's answer: Probate is the judicial process that your estate goes through when you die. During this process, your assets will be used to pay any debts or taxes you owe, and then the rest of your property will be distributed according to your will. If you died without a will, your pr...
Who Pays Capital Gains Taxes When There Are Multiple Heirs?
When several siblings are heirs to a parent's estate, who pays the capital gains tax when the home is sold? Does each heir pay on his or her portion ...
I Inherited Money, Do I Need to Pay Taxes?
As a probate attorney, this is the most common question I get asked by clients, family, friends and acquaintances. Generally, the answer is no. However, it really depends on the type of tax referred to and the asset inherited. An estate may be required to pay federal estate tax, but that would only apply to …
The benefits of a QDOT if you're married to a non-citizen
One of the reasons that people spend time and money on a well-crafted estate plan is to prevent their heirs from having to pay taxes on the assets they inherit. This can help preserve as much of the
Inherited Property: Understanding The Stepped-Up Basis
I have seen a lot of material about the up-to-$500,000 exemption on tax of appreciated value on the sale of one's home or up to $250,000 if you file a separate tax return . What I do not understand is what are the implications of all of this appreciation on my estate if I do not sell my house before I die. Must my heirs pay tax on the entire appreciation? How is this covered in the Tax Code?
Ask the Experts: What Happens to my Estate if I don't have a Will?
This is "Ask the Experts: What Happens to my Estate if I don't have a Will?" by Ronald Morton on Vimeo, the home for high quality videos and the people…
Are There Different Types of Trusts?
Are There Different Types of Trusts<br>Posted on<br>When someone writes a will, they may consider establishing certain trusts. Though they vary in specificity, the essential purpose of any trust is to ensure all beneficiaries will maximize their inheritance. Essentially, a trust is a contract between the estate and a third party that is in charge of a trust’s administration, known as a trustee. If you are a trustee or are creating a trust, you may seek some clarification regarding the various types…
