— Tax Services
Estate Tax in New York City
When managing the intricacies of estate tax in New York City, Presti & Naegele is your reliable partner. With a legacy of over 40 years in accounting, we deliver holistic estate tax solutions that safeguard your assets, ensure compliance, and provide peace of mind for you and your heirs. Be it forward planning or estate management post-loss, we offer clarity and accuracy for this important financial concern. From the vibrant streets of Manhattan to the iconic properties in Brooklyn, we understand NYC’s unique landscape.
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Estate Tax Services
At Presti & Naegele, we empower individuals and businesses through expert advisory services. With personalized guidance, we build enduring partnerships and contribute to sustained success.
What Is the Meaning of Estate Tax?
Estate tax applies to the total asset value of a deceased person at their time of death. Covering real estate, investments, business interests, and more, these are part of what the IRS calls the "gross estate." Presti & Naegele guides you through understanding included items, valuation methods, and reducing liabilities with strategic planning and careful filing, right here in New York City.
Our thorough estate tax service addresses every detail—from recognizing all taxable assets to computing deductions and preparing federal estate tax returns. We collaborate with executors, trustees, and family members to make the process smooth and error-free.
Do You Have to Pay Taxes on Money Given to You When Someone Dies?
Beneficiaries typically aren't taxed on inherited assets, but there are crucial exceptions. Some distributions, such as those from tax-deferred retirement accounts, could incur taxes. Moreover, the estate might face federal and state taxes before payouts.
Presti & Naegele offers significant value. Our estate tax specialists clarify taxable items, uncover ways to lessen estate tax exposure, and handle detailed documentation required by the IRS and New York state authorities. We ensure that heirs receive their inheritance smoothly, with minimal tax implications.
Proudly Serving All Over the U.S.
Why Estate Tax Services Matter More Than Ever
Estate tax involves more than just paperwork—it's about preserving legacies, reducing family burdens, and maintaining what you've built. At Presti & Naegele, we acknowledge the emotional and financial challenges in settling an estate. Therefore, we provide not just precise tax solutions but also trusted guidance and unwavering support.
Our estate tax services tackle key concerns:
✔ We help prevent legal issues and penalties from incorrect filings in NYC.
✔ We lower stress for families during the emotionally taxing times.
✔ We discover tax-saving opportunities often missed by others.
✔ We ensure total IRS compliance, offering peace of mind.
Who Benefits Most from Estate Tax Services?
Our estate tax services are crucial for:
✔ High-net-worth individuals in NYC looking to plan their estate proactively.
✔ Executors and trustees handling complex or high-value estates.
✔ Families wanting to ensure their loved one’s final wishes are upheld.
✔ Attorneys and financial advisors seeking proven CPA partners.
Whether you're navigating estate tax for the first time or aiming to protect your estate from future issues, Presti & Naegele provides the clarity and strategy necessary.
Long-Term Value That Extends Beyond the Estate
What sets Presti & Naegele apart is our ability to provide value long after the estate is settled. From helping families establish trusts and gifting strategies to advising on succession planning, our firm becomes a financial ally for life. Our insights and services go beyond estate tax—they build enduring financial resilience.
Why Choose Presti & Naegele for Estate Tax Services?
Presti & Naegele combines expertise with a personal touch. Here’s why clients in New York City and beyond choose us:
✔ Decades of expertise in estate tax laws and regulations.
✔ Personalized service from CPAs who care about your family’s future in NYC.
✔ Proactive methods that enhance tax efficiency and asset protection.
✔ A comprehensive firm with advisory, valuation, and forensic skills to support all financial needs.
At Presti & Naegele, we don’t just complete your estate tax return—we prepare you for what’s next.
Frequently Asked Questions About Estate Tax
How is estate tax calculated?
Estate tax is calculated based on the gross estate value, which includes all assets you own or control at the time of your death. This value is reduced by allowable deductions such as debts, funeral expenses, and charitable contributions. The resulting taxable estate is then assessed at the current federal estate tax rate. Our team ensures all possible deductions are accurately accounted for to reduce your estate tax liability.
What is the federal estate tax exemption?
As of 2025, the federal estate tax exemption allows individuals to transfer a certain amount—over $13 million tax-free—to heirs before estate tax applies. Married couples can often double this amount. Presti & Naegele helps you plan within these thresholds and recommends gifting strategies and trusts to optimize your exemption usage.
Is there a difference between inheritance tax and estate tax?
Yes. Estate tax is levied on the deceased’s estate before distribution to heirs, while inheritance tax is imposed on the beneficiaries after they receive their inheritance. New York does not have an inheritance tax, but understanding state and federal differences is essential. We guide you through both, ensuring full compliance and strategic planning.
What happens if an estate tax return is filed late?
Filing late can result in substantial penalties and interest. Executors are legally responsible for timely submission, which is why engaging an experienced accounting firm like Presti & Naegele is crucial. We meet all deadlines, handle extensions when necessary, and protect you from unnecessary penalties.
Can estate taxes be reduced or avoided?
Yes—through effective planning. Options include gifting during your lifetime, setting up trusts, charitable contributions, and leveraging the marital deduction. Our CPAs craft personalized strategies to significantly reduce estate tax exposure and preserve more of your legacy for future generations.
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Discover the transformative experiences shared by our satisfied clients. In their own words, they highlight the impact of Presti & Naegele's expert tax services, client accounting precision, and strategic guidance on their financial success. Read our reviews to gain insights into the personalized and enduring partnerships we've forged.
I have had my business for more than 10 years and struggled through several *truly awful* accountants. I found Presti & Naegele about 5 years ago and have never looked back. They are a life-changing breath of fresh air and they will be my accountants for as long as I live.
Andy and the whole Presti Naegele team have been game changers as accountants for our business. My previous accountant was very hands-off and not accessible. Andy and his team are always available, willing and able to roll up their sleeves no matter what we throw at them. Highly recommend - do NOT hesitate to work with them!
