Gathering the Estate
The Executor must identify and locate all of the decedent’s assets, such as Bank Accounts, CDs, Stocks, Bonds, Real Estate, Pensions, Life Insurance Policies, Death Benefits and Safe Deposit Boxes (these must be opened and inventoried).
Valuation of Assets
Property such as Cash, Stocks, Bonds, Life Insurance, Real Estate, and interest in a closely held Corporation or Partnership must be valued.
Payments of Debts and Administration Expenses
It is the Executor’s responsibility to pay expenses such as Taxes, Medical Bills, Funeral Costs and other debts of the Decedent.
Distribution of Assets
The Executor will distribute the Estate in accordance with the Will, and if none, then in accordance with the laws of New York State.
Payment of Individual Income Taxes
The Executor must ascertain whether the Decedent is required to file Federal and New York State Income Tax Returns.
Payment of Estate Taxes
The Executor may have to file Federal and New York State Estate Tax Returns and arrange for payment.
Payment of Estate Income Taxes
The Executor may have to file Federal and New York State Fiduciary Income Tax Returns and arrange for payment.
The maximum Federal Estate Tax rate in 2017 is 40%. New York has its own Estate Tax.
Each individual is entitled to a Federal and New York State Estate Tax exclusion amount. The Federal Estate Tax exclusion is $5,490,000 in 2017. The New York State Estate Tax exclusion will rise from $5,250,000 in 2017 to match the Federal amount by 2019.
Unlimited Marital Deduction
An unlimited amount of property may be left to a surviving spouse without incurring any Federal or New York State Estate and Gift Taxes.
Our Law Firm Will:
Inform the Executor about the estate administration process
Advise the Executor about his/her duties and prepare and file appropriate court documents
Prepare and file appropriate tax returns and insure that tax payments are made on a timely basis
Minimize taxes and insure the proper disposition of estate assets
Resolve family disputes
Analyze the interrelation of Estate, Individual Income and Fiduciary Income Taxes
Implement estate planning for beneficiaries, such as a surviving spouse