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Gifting Real Property in NY Under Pending Tax Law

Posted on: March 21st, 2014
TrustCounsel’s estate planning lawyers in New York recently reviewed the possible implications of a pending New York gift tax law. The changes also include an amendment of the New York estate tax exclusion. With both these changes possibly occurring in the very near future (March 31, 2014), individuals who have assets in New York should review ways of preparing for the 2014 New York gift and estate tax changes with their tax or estate planning attorney now.

Under the pending tax law, those who own real estate in New York and gift the property on or after April 1, 2014 will be required to include the homes, properties, or other gifted real estate as part of their taxable estate. How does one prepare for the estate tax, gift tax, and possible capital gains tax requirements?

There is no need to hastily make real estate gifting decisions and rush to gift property by the tax law deadline. Individuals can manage the tax burden with estate planning tools, while at the same time ensuring their wishes are carried out with regards to distributing property to loved ones. Explore different ways to hold real estate titles with a New York estate planning attorney. Holding property in a properly designed trust can minimize (or eliminate) estate tax, avoid capital gains tax issues, and offer creditor protection.

If you own real property in New York or other states, your estate plan should include planning tools to not only help protect assets and minimize taxes, but avoid lengthy probate for surviving family members. Our New York estate planning attorneys offer an example for strategic planning when properties are owned in multiple states
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