Proper Estate Planning is Crucial

At present, the federal estate tax is imposed on estates that are valued a over $3.5 million for federal purposes and $1.0 million for New York State. In addition, the maximum taxable gift during life is limited to 1.0 million. A taxable gift during life is taxed at a federal rate of 45% or more, while New York State rates on a taxable estate can exceed 55%. This makes proper estate planning extremely important in order to minimize these onerous costs.

Business Succession Planning

Since tax savings are just one aspect of proper estate planning for business owners, Stone & Associates also helps owners of family businesses with succession planning. In structuring a succession plan, we consider the active involvement of the children in the businessas well as the importance of equitable distribution of the estate the children not in the business, in order to keep harmony in the family, which can be achieved several different ways, while fulfilling the parent's wishes.

Protecting Wealth for the Next Generation

We are familiar with all the up-to-date planning techniques and often work with attorneys to implement plans. Based on our knowledge of the finances of the company, we add significant value by creating a structure that will transfer wealth to the next generation, while protecting the spouse’s interest. Stone & Associates is familiar with and has experience in preparing Federal Gift Tax returns and trust returns. In addition, we often work with attorneys to make sure the planned transaction will be respected. Upon the death of an individual, a Federal Estate Income Tax Return (Form 706) is filed upon the creation of an Estate. We assist in all matters in closing the estate and with the required Estate Tax Return filings.