QUESTION
The difference between having a valid Will approved by the Court and no will upon one's death, intestate.
Asked on Sep 08th, 2012 on Wills and Probate - New York
More details to this question:
In intestate, the government would take like 50% of the estate in "taxes"?, or as a penalty for having no will? Versus in the approved Court Will, what would the tax rate be for the inheritors of the estate? Thanks for your time and help.
1 ANSWER
The tax rates are the same in both cases where there is a will and where there isn't. The difference between having a will and not having one is that you can choose where your assets go when you die. If you are intestate (without a will), they go according to your state's statute - usually to spouse first; if no spouse, then to children; if no children, then to parents, etc. New York does not charge an estate tax, unless the estate is over $1,000,000.
Answered on Sep 09th, 2012 at 8:25 AM