New York Probate and Estate Administration Lawyer Blog
Nobody enjoys paying taxes, but they are something that everyone will have to pay. There are plenty of different taxes, and all of them are disliked by everyone. It is the role of the financial officer to try and determine how these taxes will affect the budget of the state. In 2012 there is an estimated $322 million budget deficit. To counter this there are proposed budget cuts and tax hikes. The estate tax could help the state to become much more financially stable.
The revenue earned from state taxes is thought to be $35 million in 2011explains a New York City Estate Planning lawyer. The same estimated amount is predicted through years 2012 and 2014. However, whether these predictions are accurate or not will remain to be seen. The exact number of deaths will not be known, nr will their wealth and circumstances.
It might not be the nicest thing to think about, but if some of the wealthiest residents of the district were to die, then it would be beneficial for the budget.
Early this year a very wealthy resident passed away. The single tax payment from that estate was $8 million which meant the annual contributions from estate tax so far were $29 million. This is just $6 million less than the estimate, and there are still quite a few months left in the year mentions the New York City Probate Lawyer.
It simply isn’t possible for anyone to say how much money will be generated through the estate tax system. The tax collections will vary significantly depending on a number of circumstances. Sometimes there are very large collections, and in other months there might be very small collections.
Even though they have almost reached their target for the year, it’s not impossible for the district to fail to reach its target.
In 2002 the district and places like Brooklyn and Queens benefited from a number of large estate tax collections. This allowed the district to collect over$124 million.
There are arguments that instead of relying on death of the super wealthy so much, we should be increasing the income tax paid by these people.
A New York Estate Planning Attorney will be able to help you draw up your last will and testament. A New York Estate Planning Attorney should also make it possible to reduce the estate tax payments which will need to be paid by your estate at the time of your death.