In estate taxes, just like with income taxes, there’s a federal and New York state component. Federally every individual is entitled to a 5,250,000 exclusion or credit against this tax. Meaning if the decedent owns 5,250,000 in assets or less, the IRS thinks you’re small fish, you have no worries. This exclusion protects all the property no matter who you leave it to. In New York State however, an individual decedent is entitled to 1,000,000 dollar exclusion or credit against this tax which is significantly lower than the federal exclusion. Many of our clients walk into the trap of thinking they don’t need to plan for it. However, when we sit down and discuss the details, they quickly realize there are things to consider in making sure their assets ultimately end up going to their intended beneficiaries and not to the IRS or New York state. We are always happy to sit down with you to talk about this in more detail. We offer free consultations so please call the offices of Futterman, Lanza & Block for an appointment.