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Types of taxes due in New York for estate planning purposes

Estate planning in New York is a bit different than most other states because it is included in a small group of states that collects a state estate tax. Even if you don't live in New York, you may still be subject to this tax if you own property, real estate or tangible personal property in this state.

If your loved one passed away on or before March 31, 2014, you are subject to the New York state estate tax if the total of the estate exceeds $1 million. For those who die and are nonresidents of the United States, the estate will be subject to this tax if it is located in New York and is in excess of $1 million.

You must file a federal form called For ET-706, which goes along with the federal estate tax return IRS Form 706. Even if the estate is not required to file a federal estate return, New York requires this form be filled out and turned in. You must also fill out and turn in a New York State Estate Tax Return. There is a special form for non-residents.

Many married couples file an AB Trust document so that the assets in the estate are somewhat protected. It reduces your federal estate tax bill. There are still taxes to pay but after the death of the first spouse, they will be less than they would have been without the AB Trust being filed.

The New York estate tax form ET-706 document and tax payment are due within nine months of the death of the person who owns the estate. You can file for an extension if you need to, up to four years from the death of the estate owner.

You can begin to see that this is complicated and intricate and needs a legal professional who has an in-depth knowledge of the estate laws of New York. Having someone to guide you through the process of getting the correct forms filled out and turned in can be an invaluable asset at a time like this.

Source: About.com, "Overview of New York estate tax laws prior to April 1, 2014" Julie Garber, Dec. 15, 2014

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Weinstein & Randisi
290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
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