Legal Question in Tax Law in New York

Wills and Estates

My father has been residing in the state of New York for about 10 years now. He has a substancial sum of money that he plans to leave his two sons when he dies. My question is this: how important is it that he has a will? I know it's crutial but I was wondering if the state will take a huge chunk of it, or all of it, if there is no will. Thank you for your time.


Asked on 4/26/06, 8:59 am

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: Wills and Estates

The New York Estate Tax is based on the value of the estate and kick in if the estate exceeds $1,000,000. If there is no surviving spouse, the existence or non-existence of a Will will make no difference in the tax.

A Will, of course is always adviseable, because then the person governs the disposition of his property.

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Answered on 4/26/06, 9:44 am


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