The taxing authorities allow certain exemptions which can be missed if not properly contemplated. These can be missed by over use of the marital deduction, failing to efficiently utilize charitable deductions and improper titling of assets. Basic tax planning can accomplish considerable tax savings.
When asset levels are such that the tax exemptions alone are not sufficient to eliminate estate taxes, additional techniques are available. These include proper titling of assets using tax favored trusts, aggressive discounting techniques or more complex gifting strategies permitted by the New York Tax Law and the Internal Revenue Code, which can substantially reduce or eliminate estate taxes.
Pellittiere & Jonsson PLLC provides the necessary guidance within the New York Tax Law and the Internal Revenue Code to avoid unnecessary taxes. By utilizing exemptions and tax planning techniques, clients can pass on assets to family members with little or no estate taxes. Further, charitable giving can be accomplished efficiently to minimize taxes, maximize the benefit to the charity and maximize the assets still passing to the family.