An estate refers to the possessions, property and debts left by an individual at death. In general, when an estate has value, it is subject to taxation, which may exist on the state or federal level and is often distinct from inheritance taxes. However, not all estates are subject to tax, and estate tax is subject to change each year depending on current tax laws. Generally speaking, the only individuals who need to worry about estate taxes are those with estates totaling in the millions.
Common Questions While Planning An Estate:
- Could an heir be too young to inherit?
- Should the inheritance be given at a certain age?
- Is the intended beneficiary in a shaky marriage with divorce as a possibility?
- Are there children from a previous marriage?
- Should inheritance be protected from potential creditors of the heir?
- Are there taxes that can be avoided?
- Are you able to avoid the probate court rules, delays, and costs?
Planning what happens to your estate when you’re gone can seem frustrating and intimidating without qualified help. Plus, the administration of estates and trusts can be complicated, and knowing the available elections, distribution requirements, and filing deadlines is essential to proper administration.
Property tax rules and regulations vary by jurisdiction, and keeping track of the different filing deadlines and nuanced requirements can make estate property tax compliance a complex matter.
Each Estate Tax Plan Is Different In Its Needs & Goals.
In order to help you, we want to know you, your unique situation, and the nature of your relationships. We offer discussion, recommendations and useful valuation & research tools to make your planning simple, efficient, and worry-free.
At Hudson View Appraisals, we help minimize the stress and administrative burdens of the executors and heirs. Our professionals will collaborate with your estate planning team of attorneys and financial planners to reduce the stress of performing all the administrative paperwork.
Through our responsive, proactive service offerings, you can receive the peace of mind that your estate property tax obligations are being met and you are taking full advantage of opportunities for property tax savings.
Use our services for managing your appraisal needs in the New York & Connecticut areas.