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Woodbury, New York

137 Woodbury Road,

Woodbury, NY 11797

Estate & Gift Tax

Estate and Gift Tax Attorneys, CPAs & Enrolled Agents

Located in Woodbury, New York

Under the federal tax code, the value of property gifted to someone other than your spouse may be subject to tax reporting whether or not a gift tax is due. Depending on the value of the gift, you may be required to fill out IRS Form 709 — the United States Gift Tax Return.  For 2018, any one person (donor) may gift up to $15,000 per person to any individuals (donees) per year without the gift tax filing requirement. Together with your spouse, you can gift up to $30,000 per donee per year.

It is important to distinguish the annual gift tax exclusion from the lifetime gift tax exemption.  The lifetime gift tax exemption refers to the amount you can gift to others that will be free from taxation over the course of your lifetime — though it may reduce the amount that your heirs receive tax-free after your death. For 2018, the federal lifetime gift tax exemption is $11.2 million and is directly tied to the federal estate tax exemption. There is considerable variation at the state level, as each state sets its own tax laws.

Understanding how to decrease your estate tax liability using either the annual gift-giving tax exclusion or the lifetime gift tax exemption requires creative estate and tax planning strategies. At Summit Advisors of Long Island, our team of estate planning attorneys, Certified Financial Planners, and tax experts have the resources and experience needed to help you reduce your estate tax liability.

To learn how we can help you, contact us today.  

The Tax Reform Act and Recent Changes to the Lifetime Gift Tax Exemption

The federal estate tax exemption for 2018 is $11.2 million. If you own a business or real estate, valuation is critical to estate tax reduction strategy. We are here to help you formulate your estate plan to account for this change.

Married Couples and the Federal Estate Tax Exemption

Under current federal estate laws, couples can take advantage of each other’s unused portion of the federal estate exemption. Now, when the second spouse passes on, the unused portion of the first deceased spouse’s estate tax exemption may be added to the surviving spouse’s estate tax exemption. Practically speaking, this means married couples can pass along up to $22.4 million estate tax free to their heirs with proper planning and appropriate tax filings.

Again, each state has its own tax laws regarding estate taxation.

Contact Our Attorneys, CPAs & Enrolled Agents Today!

Understanding how to leverage the tax code to your advantage requires knowledge of the IRS regulations, trusts and other estate planning documents, annuities, business formations and a number of other matters. At Summit Advisors of Long Island, our professional staff has helped countless individuals, families and businesses maximize their assets and minimize their tax liabilities.

For further information about our financial planning, legal, or tax services, call us at: (516) 692-2744

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