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Should I do Estate Tax Planning in New York?

Now that the Federal Estate Tax Exemption for 2013 is $5,250,000 for individuals, many clients are asking, “Do I still need to do Estate Tax planning in New York?”

Do not be fooled by the federal government’s generous exemption. Your estate may still be subject to the New York Estate Tax. The New York estate tax exemption remains at $1,000,000 and any estate that exceeds this exemption will be taxed at a graduated rate.

For example, let’s say you leave a taxable estate in New York worth $2,000,000 in 2013. Although the estate will be well below the federal threshold, it is still subject to $99,600.00 in New York estate taxes. Estate Tax planning can help you avoid a significant portion of these costs, and ultimately help preserve your assets.

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