At Russo Law Group, our attorneys understand that coping with the death of a loved one is difficult enough without having to face the legal issues associated with administering an estate. We help you through these steps as painlessly as possible.
An Executor’s Responsibilities for Gathering the Estate in New York and Florida
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
Evaluate property such as cash, stocks, bonds, life insurance, real estate, and interest in a closely held corporation or partnership.
- Payments of Debts and Administration Expenses
Pay expenses such as taxes, medical bills, funeral costs, and other debts of the decedent.
- Distribution of Assets
Distribute the estate according to the will, and if none, according to the laws of New York State.
- Payment of Individual Income Taxes
Determine whether the decedent is required to file federal and New York State income tax returns.
- Payment of Estate Taxes
File required federal and New York State estate tax returns and arrange for payment.
- Payment of Estate Income Taxes
File required federal and New York State fiduciary income tax returns and arrange for payment.
Estate Taxes
- Tax Rates
The maximum Federal Estate Tax rate in 2023 is 40%. New York has its own estate tax.
- Exclusion Amount
Each individual is entitled to a Federal and New York State Estate Tax exclusion amount. The Federal Estate Tax exclusion is $12.92 million in 2023. The New York State Estate Tax exclusion is $6.58 million in 2023.
- 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 their duties and prepare and file appropriate court documents
- Prepare and file appropriate tax returns and ensure that tax payments are made timely
- Minimize taxes and ensure the proper disposition of estate assets
- Resolve family disputes
- Analyze the interrelation of estate, individual income taxes, and fiduciary income taxes
- Implement estate planning for beneficiaries, such as a surviving spouse
Russo Law Group, P.C. helps you and your loved ones with Estate Planning, Elder Law, Special Needs Planning, New York Medicaid Planning, Trust & Estate, Guardianship, Small Business Planning, and Real Estate law. We welcome you to contact our Garden City, Lido Beach, or Islandia, New York, law offices to learn more about how we can help address your estate planning legal matters.
If you have questions or concerns about Trust & Estate Administration issues in Long Island and New York City communities as well as Florida, please don’t hesitate to contact the Trust & Estate Administration Attorneys at Russo Law Group, P.C. While we have several office locations, we can also visit your home and offer virtual meetings for your convenience.