Law Firm Maurice Kassimir & Associates, P.C. Attorneys New York New York Estate Planning Lawyers

Who are we? We are seven attorneys who exclusively practice in the area of estate planning. With estate tax rates as high as 60%, much of your wealth at your death will go to the government rather than the ones you love. With our help, we can structure your estate in a manner that will not only makes sure your assets pass in the manner in which you intend but will minimize estate taxes so that the government gets less and your loved ones get more.

This kind of planning typically entails the creation of Wills that take advantage of all available estate tax exemptions along with the creation of one or more lifetime trusts that result is significant assets being removed from your taxable estate. Strategies can be implemented that will benefit many generations. We are also involved with life insurance strategies that can be structured in a manner to exclude the insurance proceeds from your taxable estate and will be distributed to your family free of estate taxes.

Succession planning for the closely held business owner is also critical to insure your business survives to the next generation and beyond. Without implementing a succession plan, it is unlikely your closely held business will continue after your death. Quite often, the business must be sold to pay estate taxes. Our attorneys carefully listen to the needs of our clients and implement strategies and draft documents that fulfill those needs. You can find out more about who we are and what we do from our website www.skpclaw.com

NY State Tax Rates
Posted by: Maurice Kassimir
December 20, 2005
Topic: New York State High Tax Rates

New York State residents suffer from incredibly high estate tax rates. The combined federal and New York estate tax rates exceed 56%. Since retirement accounts are also subject to income taxes, the effective rate on these accounts such as IRAs, 401(k)s and profit sharing plans can be taxed in excess of 75%. If your goal is to leave an inheritance to your children at your death, you need to start planning now. Many estates will not be subject to estate taxes because the size of the estate is less than the estate tax exemption. The exemption for federal purposes is $1,500,000 (increasing to $2,000,000 in 2006). The exemption for New York purposes is only $1,000,000. Many individuals do not believe they have estate in excess of these exemptions but when you combine the value of their home, the value of all retirement accounts and pensions and the face value of all life insurance proceeds, the taxable estate can quickly exceed the exemption.

Maurice Kassimir & Associates, P.C.
1065 Avenue of the Americas
New York, New York 10018
Phone: (212) 944-1377
Fax: (212) 790-5868

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