Let’s be honest—no one wants to pay more taxes than they have to. And when it comes to estate taxes, the stakes are even higher. Without the right planning, a big chunk of what you have worked so hard to build could go to the government instead of your loved ones. That is where estate planning comes in. At Tully Law Group, PC, our estate planning attorneys are here to help families navigate estate planning with practical solutions and protect you and your family’s future. We could help you minimize estate taxes and protect your hard-earned legacy.
New York is one of the few states that imposes its own estate tax, which can affect estates valued above a certain threshold. Without proper planning, your family could face significant tax liabilities, reducing the assets you intended to leave behind. Our team offers personalized strategies to help minimize Riverhead estate tax implications while preserving your wealth for future generations.
New York’s estate tax applies to estates valued above $6.94 million (as of 2024). In 2025, this amount changes to $7.16 million. This means that if the total value of your assets exceeds this threshold, your estate could be subject to state-level taxes. In addition to state estate taxes, there is also a federal estate tax, and unfortunately, the federal estate tax thresholds change every year.
This means that estates below the exemption thresholds do not owe estate taxes, but estates above these thresholds could face state taxes, federal taxes, or both, which can significantly reduce the inheritance passed on to beneficiaries.
However, with thoughtful planning, there are strategies available to reduce or eliminate estate tax obligations in Riverhead, helping ensure your family retains the maximum value of your estate.
Effective estate planning in Riverhead can help protect your assets from unnecessary tax implications. At Tully Law Group, PC, we work closely with families to explore the best options to protect your estate. When we customize a plan based on your unique situation, we may recommend the following tools:
Our approach is not transactional. At our firm, we build long-term relationships with our clients. Whether it is addressing immediate concerns or planning for future generations, we are here to walk you through each step with personalized attention and care.
At Tully Law Group, PC, estate planning is about more than just documents—it is about preserving your family’s legacy. With our team of elder care coordinators and advocates, we take a holistic approach to meet your family’s needs. We are here to help at every stage of life, from coordinating long-term care in Riverhead to preparing for estate tax implications. We aim to give you peace of mind knowing that your family is cared for and your legacy is protected.
It can be challenging to fully understand Riverhead estate tax implications without the guidance of a skilled lawyer. The caring team at Tully Law Group, PC, is here to guide you through the process with compassion and support. Schedule your free consultation and take the first step in protecting your family’s future.
