196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

WHAT IS THE UNLIMITED MARITALESTATE TAX DEDUCTION

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

FEDERAL ESTATE TAX

There is a federal estate tax that you should be aware of when you are planning your estate.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

If you are a high net worth individual, it can have a significant

impact on your legacy.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

ESTATE TAX PARAMETERS

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

The federal estate tax credit or exclusion is $5.43 million in 2015.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

You can transfer up to $5.43 million tax-free, but further transfers are

potentially subject to the estate tax.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

The top rate of the tax is 40 percent.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

ESTATE TAX MARITAL DEDUCTION

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

You would be using a portion of your exclusion to leave tax free

bequests to anyone other than your SPOUSE.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

There is an unlimited marital estate tax deduction.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

This allows you to leave unlimited property to your spouse tax-free.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

FEDERAL GIFT TAX

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

In addition to the estate tax, there is also a federal gift tax.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

The two taxes are unified, so the exclusion applies to lifetime gift giving along with postmortem

asset transfers.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

The unlimited marital deduction also applies to lifetime gifting.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

AMERICAN CITIZENSHIP

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

The unlimited marital deduction is only afforded to a citizen spouse.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

If you are married to someone who is a citizen of another country, you cannot use the unlimited

marital deduction.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

NEW YORK STATE ESTATE TAX

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

In New York, there is a state-level estate tax.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Until April 1st of 2015, the New York exclusion is $2,062,500.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

There is also an unlimited marital deduction on the state level.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

ESTATE TAX EFFICIENCY STRATEGIES

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

If you are exposed to death taxes, action is required.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Contact us if you would like to discuss tax efficiency strategies with

a licensed attorney.

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

LEARN MORE ABOUT MARITAL ESTATE TAX DEDUCTION IN ROCHESTER

NEW YORK

196 North Main St., PO Box 417, Naples NY 14512

1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817

Click to visit mrobinsonlaw.com.Or call us at (585) 374-5210 to

schedule a consultation.