On April 1, 2016 the basic exclusion amount available to an individual’s estate increased from $3,125,000 to $4,187,500.
Individuals can leave assets (at death) worth up to $4,187,500 to others without their estate being subject to a New York State estate tax. This exclusion will remain in effect until March 31, 2017. Please note that assets left to a spouse will continue to remain untaxed (from estate tax) as there remains an unlimited marital deduction.
Aaron E. Futterman, CPA, Esq. is a partner in the law firm of Futterman & Lanza, LLP with offices in Smithtown, NY and clients throughout Suffolk, Nassau, Queens, Brooklyn, Bronx, Richmond, New York, Westchester and Rockland Counties. He concentrates his practice to Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Probate, Estate Taxes, and Estate Administration.