Maroney Law Blog

Sunday, December 5, 2010

The Federal Estate Tax as of January 1, 2011

As of January 1, 2011 the Federal Estate Tax is scheduled to tax any estate in excess of one million dollars at 55% of that excess. 

Through the use of trusts, both living and testamentary, an individual can plan to mitigate their estate tax liability.  For example, an individual worth $2 million can use estate planning techniques to transfer the entire $2 million without paying a Federal Estate Tax.  Without using such techniques, $1 million of the estate would be subject to a 55% Federal Tax, in addition to any applicable state estate tax.
If you would like further explanation or have any questions/concerns regarding the Federal Estate Tax, please feel free to contact us.

Matthew J. Maroney, Esq
Cristina Prieto-Maroney, Esq
Maroney Associates, PLLC
Phone: 631-881-0877
Fax: 631-881-0874

Based in Melville and Garden City, New York, the attorneys at the Law Offices of Maroney Associates, PLLC assist clients throughout Nassau County, Suffolk County, Queens, and the cities of Mineola, Hempstead, New Hyde Park, Franklin Square, Williston Park, Queens Village, Melville, Huntington, Farmingdale, Patchogue and Uniondale, NY.

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