The Estate Tax Experience You Need

Have you kept up with changes Congress made at the end of 2010 to the estate tax laws? Are you able to take advantage of the changes? At my firm, the office of Mitchell P. Sandler, Attorney At Law, I can help you understand your rights and obligations under the changes.

The main changes to the law are:

  • Reinstating an estate tax that was zero for any estate in 2010
  • Setting an exemption for estates worth $5 million or less (higher for married couples)
  • Setting the top tax rate at 35 percent
  • Realigning the lifetime gift tax with the estate tax

The estates of those who died in 2010 may opt out of the estate tax during estate administration proceedings using “carryover” basis rules in effect in 2010.

Contact a Nassau County estate tax law attorney to discuss your options now and in response to what Congress may do for coming tax years. The exemption is likely to decrease and the tax rate increase.

You may have an estate worth $5 million and not know it. Your life insurance, equity in your home and retirement accounts could easily surpass that amount. There is no reason to allow the IRS to take more than necessary.

Gift Tax

You can reduce the size of your estate by gifting up to a lifetime maximum of $5 million. The gift tax plus the estate value is exempt up to this amount. Wouldn’t you prefer to see your loved ones enjoy these resources while you are alive than pass it through your estate?

Contact a Long Island Federal Estate Taxes Attorney

To schedule your free initial consultation, contact a lawyer online or call 516-874-3520. I have flexible scheduling and am willing to meet with clients in the evening and during the weekend. My office is conveniently located just off the highway at the intersection of Route 106-107 and the Northern State Parkway.