Legal Question in Wills and Trusts in New York
NYS inheritance tax on my father's assetts
I live in Mass. and just found out from my accoutant that I will be paying about $50,000 in ''death'' tax. I have no income, and am handicapped, do not own a home, etc. this seems excessive. On top of that, his date of death was june 28, of 2008, in the next few months after his death, the assetts that included mutual funds that I had invested for his predicted nursing home stay, and the value of the home, plummeted. What, if anything can I do, and how can the alternate date of valuation be used ?
I also spend a great deal of money cleaning up the house he trashed and had a sizable nursing home bill, plus my own travel expenses to constantly deal with him, why does my accountant tell me these may not count toward some sort of reduction in this huge bill.
Again, I have no income, and will not receive any social security benefits,ever! as I was a part time teacher at a community college.
Where could I go in Albany to get some help with this?
1 Answer from Attorneys
Re: NYS inheritance tax on my father's assetts
your estate tax return is due March 28 - 9 months from date of death.
you can use an alternate valuation date (most cases six months from DOD)if that helps. certain items of expense you mentioned can be allowed as a deduction.
When you mention going to Albany, I'm not sure if you're looking for help from a legislator(?) I wouldn't hold my breath.
At least it sounds like there are assets from which to pay the tax, plus some to be left to you. You should find a Massachusetts lawyer who is also licensed to practice law in NY (such as myself) who can assist you with this.
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