New York Probate and Estate Administration Lawyer Blog
In late 2010, President Obama signed what was called The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 or the Tax Act of 2010. This new Act mostly affects the wealthy and how they go about with their estates, says a New York Estate Planning Lawyer. The tax rules were made to give inheritors more money without being taxed at a higher level. The wealthy were excited over the new rules, as they would only be taxed at the 35% rate with sums up to $5 million dollars for singles and up to $10 million for couples.
Exemptions for gift taxes set the limit up to $5 million dollars as well. That means when planning, each person is allowed up to $5 million dollars, according to a New York Estate Planning Lawyer. The same goes to charities and foundations that are given money. They can receive up to $5 million dollars without having to pay taxes on the said amount. This makes gift giving to both individuals and organizations even easier since the tax burden won’t rely on them in the end.
Even though the Tax Act of 2010 expires at the end of 2012, many people will benefit from the new, higher limits that were set. Less taxes will be paid by the wealthy when receiving estate benefits in hopes that instead of giving it to the government, they will put it in to the economy and give it a boost. The New York Estate Planning Lawyer also said the President may decide to extend these rules at the end of 2012 if the economy has not significantly improved.
A New York Estate Planning Attorney can help guide you through the process of diving out an estate. They can be consulted in any financial or property matter that arises. A New York Estate Planning Attorney is trained in all matters related to inheritances and financial transfers.
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.