Federal and state estate tax laws have changed in recent years. To increase public awareness, the estate lawyers at MacVean, Lewis, Sherwin & McDermott, P.C. would like to discuss these changes and how they might affect you. Located in Middletown, NY, this law firm represents individuals and businesses throughout the Hudson Valley in a variety of estate and elder law matters.

Estate tax is determined when a person passes away. If their estate includes real or personal property, it is subject to the state’s estate tax. The amount depends on whether the value of the property measured by certain standards exceeds the basic exclusion amount in effect on the date of death.

The basic exclusion amount, or BEA, is set to increase over the next few years. For individuals who died on or after April 15, 2015, to on or before March 31, 2016, the BEA is $3,125,000. For deaths after April 1, 2016, through March 31, 2017, the BEA is $4,187,500. The BEA increases to $5,250,000 for deaths on or after April 1, 2017, and on or before December 31, 2018. Although the BEA is increasing, taxes can eat away at an estate rather quickly when there is no estate plan. Wise legal counsel and a targeted estate and gift tax plan will maximize the amount property owners can leave their beneficiaries. Estate lawyers work with tax professionals to reduce tax liability both before and after death.

The team of estate lawyers at MacVean, Lewis, Sherwin & McDermott, P.C. are skilled in developing tax planning strategies for individuals, families, and business owners. Their clients benefit greatly from the firm’s 130 years of legal expertise, and the firm strives to achieve the best possible financial outcomes while giving clients the peace of mind they need.

Don’t let estate taxes devour your loved ones’ inheritance. Instead, contact the estate lawyers at MacVean, Lewis, Sherwin & McDermott, P.C. Call (845) 343-3000 for your estate planning appointment, and visit the firm’s website for more information.