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A good estate plan gives the maximum allowed by law to your beneficiaries and the minimum to the IRS. Tax planning becomes especially important as your estate approaches $1 million, the current level at which federal estate tax becomes payable. This figure will rise by increments until the year 2009. A lawyer skilled in New York estate tax planning can reduce your state and federal taxes so that every dollar available under the law goes to your heirs rather than the government.

In deciding what your estate is worth, the IRS generally uses the fair market value of property you own at your death. In many cases, especially if you’ve owned a home, stocks or other assets for many years, the appreciation of assets could put you over the limit. Assets subject to tax at death include your home, the family farm, life insurance, household furnishings, benefits under employee benefit plans and other items that produce no lifetime income. Thus, you may be more wealthy than you realize.

The federal estate tax rate begins at 37 percent and may go as high as 55 percent. Some states charge an additional estate tax similar to tax imposed by the federal government; other states impose an inheritance tax. (Inheritance taxes are charged to beneficiaries; estate taxes are charged to the deceased person’s estate.)

The New York estate tax attorneys of Leeds Morelli & Brown can advise you whether federal and state estate taxes may be imposed on your estate. They advise clients in Carle Place, Old Westbury, Great Neck, Roslyn Heights and Syosset. Call us at 1-888-5-JOBLAW or 1-516-873-9550.