Tax Planning Attorney in Garden City

Tax planning is an essential part of developing a workable estate plan. It is important to gain a clear understanding of what tax consequences your estate plan may have, and a New York estate planning attorney at our law firm can assist you with this. We are experienced in handling tax-related matters as we assist our clients with their wills and all aspects of their estate plan. By planning properly, we can limit negative tax consequences.

The federal estate tax exemption changes on a regular basis. The estate tax hit $3.5 million in 2009 and was phased out completely in 2010 but will be reinstated again in 2011 at $1 million. You may leave an unlimited amount of money to your spouse tax-free, but in some cases this may not always be the best option.

By increasing your surviving spouse’s estate, you may end up increasing the amount of tax your children or other beneficiaries end up paying when your spouse passes away. You may give up to $13,000 per year to an individual tax-free and thus reduce your estate. If you choose to donate to a charitable foundation or gift fund, your investment will grow tax-free. You can decide which charities you would like to support.

Garden City Tax Planning Attorney Serving The Five Boroughs of NY

When you plan in advance and consider the tax-related consequences of estate planning, you can help ensure that you do not lose a significant portion of your estate unnecessarily to taxes. You can also help ensure that your loved ones are taken care of. At Jonathan E. Kroll & Associates, PLLC we are here to help you with your tax planning needs. To learn more about our services and how an attorney at our offices can help you, please feel free to schedule a consultation. This will be your opportunity to get started in developing an estate plan that fits your unique needs.