Taxes are one of the most important considerations when drafting a New York will or estate plan.  Anyone who dies with an estate worth more than $1 million will be subject to estate taxes in New York State.  Federal estate taxes change every year, and may also apply to even smaller estates.

Because of the potential estate tax burdens, everyone who owns real estate or has even a few hundred thousand dollars in stocks, bonds, or other property should look into drafting a New York will.

New York wills give the testator the option of leaving money to charity, putting money into a trust, or otherwise minimizing tax payments.  In my opinion, everyone who lives in New York should consult with an attorney about drafting a will.  This is a relatively inexpensive option.  Spending $1,000 now could easily save you hundreds of thousands of dollars in estate taxes later!

Feel free to contact Eric by e-mail at Eric@nyhomelaw.com

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Filed under: Estate Planning

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