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Thoughts on the New Estate Tax

Every good New York Estate Planning Lawyer knows that estate panning is about preparing for the unthinkable. They frequently work with people for whom the prognosis is poor, stepping in to facilitate estate planning, long-term care planning, or to establish and administrate the estate after the death of a loved one.

Unfortunately, even the most seasoned New York Estate Planning Lawyer cannot plan for the unexpected when the source of confusion is the federal government, as has been the case in recent years. Estate planning lawyers rely heavily on the ability to map out the future for the people they work with- to meet with a client, and give them a picture of what the taxation structure will be like for the next five or ten years. Attorneys in Queens and New York are aware of any changes which take place in these areas.

The estate planning community has been in a state of flux over the past year. Because Congress failed to make a prompt decision regarding estate tax legislation, no estate taxes were imposed by the internal revenue service for tax year 2010. Nearing the end of the congressional year, congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which contains significant cuts and changes to the current estate tax laws.

At least one New York Estate Planning Lawyer questions the usefulness of such a change. While at face value, raising the estate tax cap should be a good thing, the problem is in the planning. Because the law has a two year cap, and then will have to be reevaluated, it is impossible for tax lawyers to effectively advise their clients on a successful long-term strategy. To give a comparison, the tax laws which are being replaced had been in effect for almost 10 years.

With these new changes, a New York Estate Planning Attorney could still be your best bet in planning for the unthinkable. Don’t wait until it’s too late- call a New York Estate Planning Attorney today.The law offices of Stephen Bilkis & Associates has caring New York Probate Lawyers that can help you plan your estate. Our New York Probate Lawyers can help you probate an estate, write a will or set up a trust. We have convenient offices in New York City, Brooklyn, Queens, Bronx, Suffolk and Nassau County. We want to help you through what may be a difficult time with as little problems as possible and offer a free consultation at 1-800-NYNY-LAW (1-800-696-9529). Call us today to take advantage of this free consultation and speak to a New York Probate Lawyer from our firm.

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