Estate taxes are a concern for only the wealthiest citizens. Only about 0.1% of estates pay Federal Estate Tax. State estate or inheritance taxes might have lower thresholds, but again it will not be a concern for most people. The Federal Gift and Estate Tax exemption for 2015 is $5,430,000 ($10,860,00 for married couples). The New York State basic exclusion amount for 2015 is $3,125,000, and it is scheduled to rise to $5,250,000 by April 1, 2017.
Lamson & Cutner’s attorneys can help you with your Elder Law plan and your estate plan at the same time. Usually, the same strategies and legal documents serve both purposes.