Press Room

August 04, 2011

Consider State Tax Regimes, Too

Pay New York A Little To Avoid Paying The United States A Lot

Last summer, one of our clients in his mid-forties died unexpectedly, before we were able to finish helping him with his wealth transfer planning. He was a New York resident and was survived by his wife and two young children.

The decedent’s combined family assets had a value of approximately $17.5 million. Most of the assets were titled in the decedent’s name. The assets were comprised predominately of a single, highly appreciated equity position, homes and rental real estate holdings. Several of the properties had mortgages in excess of fair market value. The decedent had substantial passive loss carry-forwards associated with the rental properties.

Carl Fiore is a director in the New York office of WTAS. Fiore has significant experience with tax and financial matters affecting entrepreneurs, executives and other high net-worth individuals.

Trusts & Estates (June 1, 2011)
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