Russo Law Group is OPEN and we are doing our part to Keep our Clients Safe and Protected. 
You worked so hard to accumulate assets so no one wants to have their family pay estate taxes when they pass away. Estates of over $3,125,000 from April 1, 2015 – March 31, 2016 ($2,062,500 from April 1, 2014 to March 31, 2015) are subject to New York State estate taxes.
For example, the tax on an estate of $4,000,000 is $280,400. If your estate is over $5,430,000 (for 2015), the estate tax rate is 40% in addition to the New York estate taxes. Planning can be implemented to minimize or eliminate estate taxes, thru a gifting program, fractionalizing interests, trusts such as GRATs, QPRTs and ILITs. If you want to save estate taxes, you need to be proactive by seeking professional counsel.
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Additional Questions:
- My spouse was just admitted to a nursing home. How can I pay for their care?
- My child has special needs. What government benefits are available?
- When I pass away, how do I leave assets in a protective way for my children and grandchildren?
- How do I keep my plan current?
- How will financial and health care decisions be made and by whom, if I am not able to make them?
- My parent needs care at home. How can we access Medicaid to pay the bills?
- How do I minimize federal and New York State estate taxes?
- What do I need to know when I sell my house?
- My loved one lacks capacity to make decisions. Do I need a Guardianship?
- I had to stop working because I became disabled. Do I qualify for Social Security Disability?
- I am in need of assistance at home. As a Veteran, is there any benefit I can receive to help pay for my care?
