Friday, August 22, 2014
Previously in New York, estates worth one million or less were exempt for New York tax. Presently, the exemption is $2,062,500. It increases to $3.125 million in 2015, $4,187,500 in 2016 and $5.250 million in 2017. If you die leaving more than 105 percent of the prevailing New York exemption, your entire estate is subject to New York tax. However, you would be no worse off than before the law changed, since the old $1 million exemption is manufactured into the new tax rates.
See Lynn Brenner, Estate Planning Under New York’s Estate Tax Exemption Rules, Newsday, Aug. 21, 2014.