Tax-Saving Strategies: Estate Planning Opportunities for Queens Residents

For residents of Queens, New York, strategic estate planning can not only provide peace of mind but also present opportunities to minimize tax liabilities and preserve wealth for future generations. By implementing tax-saving strategies tailored to their individual circumstances, Queens residents can optimize their estate plans and maximize the financial benefits for themselves and their heirs. Here are some key estate planning tactics to consider:

Lifetime Gifting

Gifting assets during your lifetime can be an effective strategy for reducing your taxable estate while providing financial support to loved ones. In Queens, individuals can take advantage of the annual gift tax exclusion ($15,000 per recipient in 2022) to transfer assets tax-free. Additionally, lifetime gifting can help individuals leverage the lifetime gift tax exemption ($12.06 million in 2022) to shield larger estates from estate taxes.

Irrevocable Trusts

Irrevocable trusts, such as irrevocable life insurance trusts (ILITs) and charitable remainder trusts (CRTs), can serve as powerful tools for tax planning in Queens. These trusts remove assets from the taxable estate while allowing individuals to retain control over the assets’ use and distribution. ILITs, for example, can provide tax-free proceeds to beneficiaries upon the insured’s death, while CRTs offer income tax deductions and charitable giving benefits.

Estate Tax Portability

For married couples in Queens, estate tax portability can provide significant tax savings. Portability allows the surviving spouse to inherit any unused portion of the deceased spouse’s estate tax exemption, effectively doubling the amount that can pass tax-free to heirs. Proper estate planning, including the use of bypass trusts or credit shelter trusts, can help couples maximize the benefits of estate tax portability and minimize estate taxes.

Strategic Asset Location

Queens residents can optimize their estate plans by strategically locating assets to minimize tax exposure. For example, assets with potential for appreciation, such as real estate or stocks, can be placed in tax-efficient vehicles like retirement accounts or trusts. By diversifying asset locations and considering the tax implications of each, individuals can maximize tax efficiency and preserve wealth for beneficiaries.

Annual Exclusion Gifting to Minors

Queens residents can take advantage of annual exclusion gifting to minors as a tax-saving strategy. By establishing custodial accounts or trusts for minors and gifting up to the annual exclusion amount ($15,000 per minor in 2022), individuals can transfer wealth to younger generations tax-free. These gifts can also take advantage of the minor’s potentially lower income tax bracket, further reducing the overall tax burden.


Queens residents have a range of tax-saving opportunities available to them through strategic estate planning. By leveraging lifetime gifting, irrevocable trusts, estate tax portability, strategic asset location, and annual exclusion gifting to minors, individuals can minimize tax liabilities and maximize the financial benefits of their estate plans. Consulting with an experienced estate planning attorney in Queens can provide personalized guidance and help individuals create tax-efficient strategies tailored to their specific goals and circumstances.