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As a business owner, it's possible you'll one day face claims that could reach beyond your company and threaten your personal assets. You can protect what you have from lawsuits brought against a company you own or hold a membership interest in, and the right strategies for you will depend on the unique situation of your business. A Queens business attorney is the best one to show you how to protect your assets from lawsuits. more How to Protect Assets from Lawsuits Form an LLC Under New York law, a member is not liable for the debts or obligations of the LLC solely because of their membership. For this to work, you'll need to file Articles of Organization with the Department of State, adopt a written operating agreement, and keep the company's finances completely separate from your own. Always maintain separate bank accounts, distinct contracts, and clean records to reduce any chance that a court will pierce the entity and reach your personal holdings. Get Good Insurance Even with an LLC, you'll want and need liability insurance. A solid commercial general liability policy and any needed professional coverage will be able to absorb many claims before they even threaten the business, let alone your personal property. Review the limits each year and confirm that it meets your needs. Know and Transfer Your Assets Make sure you know exactly what you own and what's potentially vulnerable. Then you'll know best how to protect everything. Certain personal assets are already protected no matter what kind of business you have, including equity in your primary residence up to a certain amount, life insurance proceeds and annuity contracts (when the policy is properly structured), and retirement accounts under ERISA or qualifying individual retirement arrangements. You can also transfer assets into an irrevocable trust for the benefit of your family. Once the transfer is complete and you have no beneficial interest in those assets any longer, they generally sit beyond the reach of your future creditors. New York does not recognize self-settled trusts that name you, the creator, as a beneficiary, so the trust must name someone else as beneficiary. Be aware that you need to move assets into the trust before a claim is made against your company. If you try to make a transfer once a claim's been made, it can be nullified as fraudulent. Make Sure Your Documents Are In Place Business succession tools like buy-sell agreements and carefully drafted operating agreements will keep any ownership transitions orderly and reduce the chance that a dispute or unexpected death could force a fire sale of company assets. Be sure that you're reviewing your overall risk profile at least once a year with your attorney. New contracts, a change or addition of location, or a change in the type of work you perform can all create fresh exposure and require that you adjust your entity's structure, insurance limits, or ownership titles before any problem appears. Talk to a Queens Business Attorney Contact DeCandido & Azachi today to set up a free consultation on your situation. We serve the entire Queens area from our Forest Hills, NY office.

Probate here in Nassau County can be expensive and time-consuming, so it's natural to ask how to avoid probate for your assets. New York law does offer several reliable paths forward. more How to Avoid Probate in Nassau County: 5 Ways to Go About It There are several things you can do to get your assets passed directly instead of moving through the full Surrogate's Court process. Each method has its own requirements and trade-offs, though, so the right combination depends on the types of property involved and the goals you have for control and privacy. Always talk to a lawyer to get specific advice. Revocable Living Trusts A revocable living trust is a legal arrangement you create while alive. You transfer ownership of assets into the trust and usually name yourself as trustee. This gives you complete control to use the property, sell it, or change the trust terms at any time; but when you pass away, the successor trustee you named steps in and distributes the trust assets according to your instructions. Because the trust is the owner of the assets, not you or your estate, those assets do not enter the probate process. Pour-Over Will Many people sign a pour-over will when they set up a trust. This just directs that any assets still in your individual name at your death are to be bequeathed to the trust. This keeps most property out of court while providing a safety net for anything you might have overlooked while setting up the trust. Joint Ownership with Rights of Survivorship This is a popular option for married couples. Setting up your ownership this way allows the surviving owner to receive the full title automatically upon the other owner's death. This structure works for some bank accounts, brokerage accounts, vehicles, and real estate, too. You just need to make sure these are all set up the right way. Beneficiary Designations on Financial Assets Many accounts and policies let you name a beneficiary directly with the financial institution or insurance company managing the account. Life insurance proceeds, retirement plans such as IRAs and 401(k)s, bank accounts with payable-on-death forms, and brokerage accounts with transfer-on-death registrations all pass straight to the named person or persons upon proof of death. These transfers happen outside probate. The key here, however, is remembering to keep the designations current as life changes. Transfer on Death Deeds for Real Property New York law lets property owners record a transfer-on-death deed for real estate. You keep full ownership and control during your lifetime and can revoke or change the deed by recording a new one or by selling the property, but, upon your death, the named beneficiaries receive title without any need to go through probate for that specific parcel of land or house. Talk to Us to Learn All the Options in Nassau County These are just five general options. There are more, and what's best for your estate depends on the specifics. Contact DeCandido & Azachi in Forest Hills, NY today to get strategic advice on your estate planning. We also serve clients in Plano, TX.

Blended families are a joy, but they do also bring some unique inheritance challenges. Proper and careful estate planning for blended families helps protect everyone involved from New York law that might otherwise divide your assets in ways you don't expect or want. more Estate Planning for Blended Families in New York New York intestacy rules lay out the default plan if you die without documents in place. If that happens, the basic plan is as follows: Your surviving spouse gets the first $50,000, plus half the remaining estate (when there are surviving children or grandchildren) Surviving children and grandchildren split the other half Stepchildren do not inherit unless they have been formally adopted There are more to these default rules, of course, depending on the exact makeup of your family situation. In addition, even if you have a will, if you have a surviving spouse, he or she has the right to elect against your will. It's important to talk with a lawyer early on so you can design an estate plan that accounts for this instead of hoping for the best. Estate Planning Strategies Revocable Living Trust This is a popular choice for blended families because it lets you keep control of the assets in it during your lifetime while spelling out what happens to them afterward exactly. You can, for example, direct that your spouse may live in the family home for as long as they wish or receive income from certain investments. Once they are gone, the remaining principal could pass to your chosen beneficiaries, including stepchildren if that's your desire. Beneficiary Forms Beneficiary forms can be attached to retirement accounts, life insurance, and many financial accounts, and they allow those assets to be passed straight to the people named on the form as soon as you pass. They do not follow instructions in your will or trust, and you're not limited to designating just legal family members. Minor Children If minor children live in your household, your will should name a guardian who will raise them if neither parent can. In blended situations, the right guardian may come from your side of the family, from your current spouse's side, from a former spouse's side, or something else entirely, depending on the relationships and practical realities. Naming an alternate also gives you backup protection in case the first guardian is unable or unwilling to serve. Joint Ownership & Payable-on-Death Accounts Putting a house in joint names with a new spouse may limit what can later pass to your children from your first marriage Or, it might create liquidity issues if the surviving spouse needs to sell it before he or she can pay estate taxes or other bills related to probate or in order to divide the estate correctly. You can also name just one child as a beneficiary on an account, but bear in mind this can create imbalance or resentment among siblings and step-siblings. Talk with your lawyer about how to do this carefully. Talk to us today at DeCandido & Azachi in Forest Hills, NY to schedule a free consultation on your estate. We serve clients throughout Nassau County and Queens, as well as families in Texas from our Plano office.

A power of attorney is a legal document that lets you appoint someone you trust to handle your affairs if you become unable to do so yourself. Creating one now allows you to assert control over your own life and future while you still have it, and that control will continue if you become incapacitated. A Forest Hills lawyer can help you craft your documents so they do exactly what you want. more Understanding a Power of Attorney Powers of attorney are governed by the General Obligations Law, Article 5, Title 15. For your directions to be valid, you'll need to sign the document in front of a notary and two witnesses who are not named as agents. Once it's in place, then, if you lose capacity due to illness or injury, your nominated person would take over to direct your finances. You can make the power of attorney as broad or narrow as you want. A general power covers almost everything: banking, real estate, taxes, insurance, and investments. But if you don't want a single person to have complete control, you can always limit them to specific tasks, such as selling one piece of property or handling a single bank account. Healthcare decisions require a separate healthcare proxy to be nominated and aren't covered by the standard power of attorney document (though you can nominate the same person to both care for your finances and also make medical decisions for you if you cannot). The two documents work together as part of a complete plan. Why You Need One Sooner Rather Than Later Life changes fast. A sudden stroke, a car accident, or a progressive condition like dementia that moves more quickly than you were told to expect can all leave you unable to pay bills, file taxes, or make decisions about your home. Without a power of attorney in place, your family would have to go to court to get someone appointed to take care of these things. That makes the whole thing public, expensive, time-consuming, and puts the final decision on who controls your finances in a judge's hands instead of yours. Plus, during the delay, your estate could suffer loss. But if you've set things up correctly, then your chosen agent can step in immediately to deposit your Social Security checks, pay your mortgage, speak with insurance companies, or sell assets if needed for your medical care. You also protect yourself from family disputes. By naming one or more agents in advance and stating your wishes clearly, you reduce the chance that relatives will fight over who should handle your affairs. Many people assume a spouse or adult child can automatically handle everything for an incapacitated person, but New York law does not work that way. A power of attorney is one of the simplest yet most powerful tools you can create to protect your future and spare your loved ones unnecessary stress. Visit DeCandido & Azachi in Forest Hills, NY today to set up a consultation.

ATTORNEY ADVERTISING: This blog post constitutes attorney advertising under New York Rules of Professional Conduct. By DeCandido & Azachi, PLLC — New York Estate Planning Attorneys Estate planning. Most people hear the term and instantly picture complicated legal documents or billion‑dollar families battling over inheritances. But the truth is simple: estate planning is about clarity and protecting the people who matter most. Whether you’re in a Manhattan loft, a Queens co‑op, or a Brooklyn brownstone, estate planning gives your family peace of mind. more What is Estate Planning? Estate planning is the process of deciding what happens to your assets, who handles things if you can’t, and how to protect the people and causes you care most about. Think of it as future‑proofing your life. Why Estate Planning Matters — Especially In New York New York has unique laws, a complex probate system, and its own estate tax separate from federal estate tax. A strong estate plan helps you: avoid family conflict; save your loved ones time and expense in Surrogate's Court; minimize or eliminate New York estate tax; protect minor children, unmarried partners, and aging parents; and ensure your wishes are honored rather than leaving decisions to the state's intestacy laws. The Cornestones Of A New York Estate Plan 1. Last Will & Testament — Your Will lays out who gets what, who’s in charge, and who raises your minor children. 2. Trusts — Trusts help avoid probate, protect inheritances, reduce taxes, and maintain privacy. 3. Power of Attorney — Allows someone you trust to manage your finances if you're unable. 4. Health Care Proxy & Living Will — A Health Care Proxy designates someone to make medical decisions on your behalf if you cannot communicate. A Living Will (also called an Advance Directive) specifies your wishes regarding life-sustaining treatment. Together, these documents ensure your medical wishes are honored and relieve your family from making agonizing decisions during a crisis. 5. New York Probate Process — With smart planning, you can streamline or even avoid probate entirely. New York's Estate Tax New York’s estate tax cliff can make your entire estate taxable if you exceed the exemption by even a small amount. As of 2026, the New York estate tax exemption is $7,160,000 (indexed annually for inflation). If your estate exceeds 105% of this exemption ($7,518,000 for 2026), the entire estate becomes subject to New York estate tax, not just the amount over the threshold. Proper planning can help minimize or avoid this tax burden. Who Needs An Estate Plan? Everyone—parents, homeowners, business owners, pet owners, and anyone who wants clarity. FAQ 1. Do I need an estate plan if I don’t have many assets? Yes. Estate planning is about control, not wealth. 2. What happens if I die without a Will in New York? The state decides who receives your assets. Your wishes are not considered. 3. Can a trust help me avoid probate? Yes. A properly funded trust can avoid New York probate entirely. 4. How often should I update my plan? Every 3–5 years or after major life events. 5. Are electronic wills legal? Not yet. On December 12, 2025, Governor Hochul signed the New York Electronic Wills Act into law, but the Act does not take effect until June 10, 2027. Once effective, it will be codified as EPTL § 3-6.1 et seq. Electronic wills must meet strict requirements including use of tamper-evident technology, proper witnessing procedures (witnesses may sign physically or electronically within 30 days), and mandatory filing with the New York State Unified Court System within 30 days of execution—failure to file renders the electronic will invalid. Due to the complexity and evolving nature of this area, we recommend consulting with an attorney before creating an electronic will. Let's Protect Your Legacy Together At DeCandido & Azachi, PLLC, we help New Yorkers build clear, compassionate estate plans. Click here to Schedule a consultation or call us at 347-808-5746 to get started today!

From a Probate Lawyer in Forest Hill, NY: Determining Whether Your Estate Needs to Go Through Probate Asset Ownership You do not have to probate assets that pass automatically to a beneficiary or joint owner. Property titled as joint tenancy with rights of survivorship, or as tenants by the entirety (used for married couples), transfers directly to the surviving co-owner. Similarly, accounts that have designated beneficiaries, such as payable-on-death (POD) bank accounts, transfer-on-death (TOD) securities, and life insurance policies, do not become part of the probate estate. In these cases, the beneficiaries can claim the asset by submitting a death certificate and other required documentation directly to the institution holding the asset. Small Estate Administration in New York New York offers a simplified procedure called Voluntary Administration for small estates. If the decedent's personal property is valued at $50,000 or less and there is no real estate solely in their name, you may be able to avoid formal probate. The alternative legal process is quicker and less expensive than full probate. You must still file paperwork with the court, but you can manage the estate without all the complexities of a full probate proceeding. Understanding Estates Without a Will and Intestate Administration If a person dies without a will in New York, their estate does not avoid court oversight. Instead of probate, the estate goes through intestate administration. You still have to file with the Surrogate's Court, but the court appoints an administrator rather than an executor. You must follow New York's intestacy laws, which dictate how to distribute the estate among surviving relatives. Determining When Real Estate Requires Probate Though there are many legal avenues to avoid probate, it may not always be possible. Real estate titled only in the decedent's name generally requires probate, even if the total estate value is modest. If the property is not jointly owned or does not have a beneficiary deed, then you must open a probate proceeding to transfer legal title to heirs or beneficiaries. Despite what your case may look like, you do not always have to go through probate in New York. Our team can help you explore all options to keep property out of probate and ensure all filings are done correctly. Schedule a consultation with us today at DeCandido & Azachi in Forest Hills, NY to understand how state law treats different types of assets and how to avoid unnecessary delays in the lawful distribution of your or a loved one's property. We also serve Plano, TX.

Protecting your assets requires careful and deliberate planning. If you take the time to create a strong estate plan, you can safeguard the wealth you have built and control how it is distributed. Our team will work with you to design an estate plan that reflects your goals, protects your family, and complies fully with New York law. With an estate planning lawyer in Forest Hills, NY, you can navigate this process effectively. From an Estate Planning Lawyer in Forest Hills, NY: How to Protect Your Assets With an Estate Plan Structuring Ownership of Assets One of the first steps in asset protection is deciding how to structure ownership of your property. Different types of ownership offer different protections. Joint ownership with rights of survivorship, tenancy by the entirety for married couples, and various forms of trust ownership can shield assets from probate and, in some cases, from claims by creditors. Using Trusts for Protection and Flexibility Trusts offer a versatile tool for protecting your assets. A properly drafted irrevocable trust can move assets out of your taxable estate and place them beyond the reach of certain creditors, while still allowing you to provide for your family or support charitable interests. Revocable living trusts give you flexibility to manage and update your estate plan while maintaining privacy. They also help you avoid probate, ensuring that your assets are distributed efficiently and according to your wishes. Certain specialized trusts, such as supplemental needs trusts for family members with disabilities, can also ensure that your loved ones receive needed support without jeopardizing their eligibility for public benefits. We help you select and implement trust strategies that fit your objectives. Addressing Business Interests If you own a business, your estate plan must address how that interest will be protected and transferred. Without proper planning, business assets may be vulnerable to disruption or even liquidation. We assist you with succession planning to ensure that your business can continue operating in accordance with your wishes. Buy-sell agreements, family limited partnerships, and tailored ownership structures help preserve business value and provide clear instructions for future management or transfer. Managing Potential Tax Exposure New York estate tax laws can impact how much of your estate ultimately reaches your beneficiaries. We help you develop strategies to minimize this exposure. Lifetime gifting, charitable giving, and certain trust structures can reduce your taxable estate. We also coordinate your estate plan with your lifetime financial plan to ensure that any transfers or gifts are made in a tax-efficient manner. An estate plan is not simply about deciding who inherits your property: it's a legal tool meant to protect what you've built, manage risk, and ensure that your wishes are honored once you're gone. We can help you create a comprehensive strategy that protects your assets here in New York. Schedule a consultation with us today at DeCandido & Azachil, with locations in Forest Hills, NY, and Plano, TX to begin building a plan that fits your life and protects your future legacy.

When someone dies in Texas, there is a formal process known as the probate that legally disburses the decedent's properties and possessions to the appropriate parties. Probating an estate can be long and complicated, but having a probate attorney on your side can help when navigating the process in Plano, TX. What Happens During the Probate Process in Plano, TX, and How Can Hiring a Probate Attorney Help? Submission and Petition Within four years of the death of a person, a representative of the decedent's estate submits the will to the probate court in the county where the deceased person resided. When filing the will, a petition to request probate is also submitted. Notice to the Public Once a petition is filed, the probate court must publicly provide notice of probate for two weeks. This step is often achieved through publication of the probate petition in a periodical in the country, such as a newspaper. During this time, anyone who challenges the will may come forward to contest the will. Verification of the Will When the will isn't contested, the court can move forward by reviewing the document and verifying its authenticity. At that point, the court can permit the executor of the will to begin managing the estate. If the decedent had no will, the probate court will appoint an administrator, and assets will be distributed according to Texas intestate succession laws. Assembly and Appraisal of Assets The executor or administrator of the estate will begin an inventory of all assets owned by the decedent within 90 days of the verification of the will. In addition to creating an asset inventory, the executor or administrator will assign value to the deceased person's assets and identify any pending debts that remain unpaid. Notice to Beneficiaries and Creditors The executor or administrator contacts beneficiaries of the estate and informs them of any inheritance that they are entitled to receive from the will or through intestate succession laws. Also, any debt holders with an interest in the estate are notified, and debts are settled using the estate's proceeds. Any outstanding taxes are also paid with funding from the state. Distribution of Assets When all debts against an estate's proceeds are settled, the executor or administrator can begin distribution of the decedent's assets. When a will is in effect, the wishes of the decedent regarding distribution to the entitled parties are observed. When there is no will, the administrator follows the applicable intestate succession laws to determine who is entitled to receive the estate's assets. Estate Closure Once the debts have been paid and the assets of the decedent have been distributed, the executor or administrator will request a hearing in probate court to close the estate. The executor or administrator assembles a final report that is presented to the probate court, and the court can then close the estate to end the process. If you would like to consult with an experienced attorney about probating an estate in Texas, contact DeCandido and Azachi in Plano, TX, today.

When it comes to protecting your assets and your loved ones, estate planning is one of the most important legal steps you can take. At DeCandido & Azachi, we help individuals and families in Forest Hills, Queens, and beyond create thoughtful, strategic estate plans that reflect their wishes and secure their future. Below are answers to some of the most common questions we hear from our estate planning clients. more What is estate planning, and why is it important? Estate planning is the process of arranging how your assets—such as property, savings, investments, and personal belongings—will be distributed after your death. It also involves naming people to make decisions on your behalf if you become incapacitated. A strong estate plan gives you peace of mind and protects your family from unnecessary stress, expenses, and delays. Whether you're a business owner in Forest Hills or a parent planning for your child's future, having a will, power of attorney, healthcare proxy, and possibly a trust can ensure your wishes are honored. Do I need a will if I live in New York? Yes—having a will is highly recommended, even if you don’t own a large estate. A will allows you to clearly name beneficiaries, appoint a guardian for your children, and designate an executor to manage your estate. Without a valid will, your estate will be distributed according to New York State intestacy laws, which may not reflect your intentions. If you live in Forest Hills or elsewhere in Queens, working with a local estate planning attorney ensures that your will complies with state law and addresses any unique circumstances. What’s the difference between a will and a trust? A will goes into effect after your death and must go through probate court. A trust, on the other hand, can take effect during your lifetime and allows assets to pass directly to beneficiaries without probate. Trusts are useful for managing complex estates, minimizing estate taxes, and keeping your affairs private. At DeCandido & Azachi, we can help you decide whether a revocable living trust, irrevocable trust, or another type of trust makes sense for your situation. Who should I appoint as my power of attorney? Your power of attorney is someone you trust to make financial and legal decisions on your behalf if you become unable to do so. This should be a person who is responsible, financially savvy, and understands your values and preferences. You may also want to appoint a healthcare proxy—a person who can make medical decisions for you in the event of incapacity. These documents are crucial parts of any complete estate plan. How often should I update my estate plan? It’s a good idea to review your estate plan every 3–5 years or after any major life event, such as marriage, divorce, the birth of a child, or a significant financial change. Laws can also change, and it’s important to make sure your documents remain current and enforceable. At our Forest Hills law office, we offer ongoing support to clients who need to revise their wills, trusts, or powers of attorney. Get Help from a Forest Hills Estate Planning Lawyer Estate planning is about more than paperwork—it’s about protecting the people you care about most. Whether you're just getting started or need to update your existing plan, our team at DeCandido & Azachi is here to guide you through every step. We proudly serve individuals and families in Forest Hills, Queens, and the surrounding New York City areas. Contact us today at 908-926-8319 or send us a message to schedule a free consultation with an experienced estate planning attorney.

Social media shapes how we communicate, share memories and even conduct business. Yet, not many people think about what will happen to their accounts after death. Platforms like Facebook, Instagram and X have policies for account management after death, but leaving these decisions in default settings may not reflect your wishes. Your social media accounts may hold sentimental value and, in some cases, financial worth. Planning for their management helps to ensure they are handled the ways you prefer. Whether you want to memorialize an account, transfer control to someone you trust or delete it entirely, a comprehensive estate plan can address these wishes. How to manage digital assets in your estate plan To include social media accounts in your estate plan: Start by taking inventory of all your accounts and login credentials: Create a list of platforms, usernames and passwords, but do not include this information in your will, as it becomes a public document during probate. Instead, use a secure password manager and designate a trusted individual to access it upon your passing. Review the specific policies of each platform: For example, Facebook allows users to choose a “legacy contact” to manage their account, while Google provides an “Inactive Account Manager” feature to designate someone to access your account data. Consider including your social media accounts in a digital assets trust: A trust gives a trustee legal authority to manage your digital assets as per your will, avoiding complications during probate. Working with a legal team can help ensure this part of your estate plan complies with New York’s laws, including the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA). Including social media accounts in your estate plan is essential to protecting your digital legacy. By clearly outlining your wishes and leveraging legal tools like trusts, your online presence can reflect your preferences even after you are gone. It is a good idea to enlist legal guidance when handling the complexities of digital assets and estate planning. A knowledgeable legal team can help you create a comprehensive plan that addresses traditional and digital assets, promoting peace of mind for the future.

Individuals with valuable property and close loved ones often think carefully about the legacy they want to leave when they die. The desire to leave a meaningful legacy can be what drives an individual to establish an estate plan. People can provide specific property for particular members of their family and can even arrange for assets to pass to charitable causes as a means of having a positive impact on the world. Before the personal representative of an estate can transfer their property to specific beneficiaries, they first have to fulfill certain probate requirements. Financial obligations can consume some of the decedent’s property and reduce the impact of their legacy on their selected beneficiaries. Proper planning can diminish the negative impact of obligations on the value of an estate. For example, the following costs are likely to diminish estate resources and the legacy an individual leaves. Estate taxes For those with particularly sizable personal holdings, estate taxes are a significant concern. Those with multi-million dollar estates may have to plan for both state and federal estate taxes to optimize what their loved ones inherit. Without advanced planning, a significant portion of an individual’s property may end up filling government coffers instead of supporting their loved ones. Personal debts Generally speaking, any personal financial obligations unfulfilled at the time of an individual’s death become the responsibility of their estate after their passing. Credit card balances, student loans and medical debts are all examples of financial obligations that the personal representative of the estate must cover before distributing property to beneficiaries. Even probate costs typically require payment in full before beneficiaries receive anything from the estate. Medicaid benefit repayment Medicaid can help cover long-term care costs for those who need in-home support, extensive rehabilitation care or a room in a nursing home. Older adults may have to make certain financial adjustments to qualify for Medicaid. Property that may not prevent them from obtaining benefits when they are medically vulnerable can be at risk of claims brought by the Medicaid estate recovery program after their passing. The home where someone lives typically does not count against them for the purpose of obtaining Medicaid but can be vulnerable to repayment claims against their estate after their death. Thorough estate planning is as important for those with millions of dollars in property as it is for those with middle-class income and substantial debt. People who understand how financial obligations can diminish what their loved ones inherit might have an easier time creating estate plans that protect their legacy after they pass.

All of the property that belongs to someone who has recently died typically becomes part of their estate. However, not every asset in the estate passes to the heirs or chosen beneficiaries of that individual. The personal representative of their estate has to make an effort to pay their debts and settle their tax obligations before distributing what remains among beneficiaries. In some cases, individuals with fewer resources in their estates may not have enough to leave a meaningful legacy after fulfilling their financial obligations. Others have the exact opposite problem. Their estates are valuable enough to lead to estate taxes. Estate taxes can consume a significant portion of the property the testator wants to leave for their loved ones or charitable causes. People can potentially plan ahead of time to avoid estate taxes when they die. Only multi-million dollar estates have to pay estate taxes Most states do not impose an estate tax, but New York unfortunately does. When people die in New York, the personal representative of their estate has to review their resources and financial obligations. They may need to retain assets to cover estate taxes if the estate contains too much valuable property. Estates in New York might be responsible for both state and federal estate taxes. In 2024, the threshold for New York state estate taxes is $6.94 million. The maximum state-level estate tax rate could be as high as 16%. The estate has to be worth almost twice that much to be at risk of federal estate taxes. In 2024, the federal threshold for estate taxes is $13.61 million. The tax rate ranges between 18 and 40%. Those who have to cover the maximum federal and state estate tax rates may have to dedicate more than half of the resources in an estate toward tax obligations. Prior planning limits tax liability Those who plan carefully may be able to avoid or at least reduce estate tax obligations. Gifts made before someone died, assets transferred into a trust and ownership shared with other people can help limit the overall value event state and therefore what taxes the estate may have to pay. Those with multiple real estate holdings and/or a privately held company may need to approach estate planning particularly carefully to preserve those resources and avoid estate taxes. Integrating tax concerns into a New York estate plan can help people maximize how much their loved ones inherit after they die.