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New York Estate Planning & Elder Law Blog

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Tax and Medicaid Law Changes for 2024

For 2024, the exemptions for estate taxes rise to 6.94 million for New York estate taxes, and to 13.61 million for Federal estate taxes. The annual gift tax exclusion rises to $18,000. If your estate is, or may become, greater than the New York threshold, early intervention can avoid the…

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Gifting to Minors

Gifting to minors raises some unique considerations. For one, people under the age of eighteen lack the legal capacity to own assets.  The Uniform Transfer to Minors Act (UTMA) was created to protect assets that are passed on to minors.  This act determines when minors can receive an inheritance for…

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