If you live in Manhattan, you may assume your estate will automatically be taxed. After all, property values are high, and the rules sound complicated. The reality is that far fewer estates are subject to federal or New York estate tax than most people think. Still, understanding the deadlines and the state’s unique rules is […]
federal estate tax
How Recent Tax Law Changes Impact Your Estate Plan: 2025 Update
Tax laws constantly evolve, and these changes directly affect your estate planning strategy. Recent updates for 2025 bring both opportunities and challenges for Manhattan families managing substantial wealth. Understanding these changes helps you protect your assets and minimize tax burdens for your heirs. The decisions you make now can save your family significant money in […]
Everything You Need to Know About the New York Estate Tax
If you live in New York and your estate may exceed the state’s exemption amount, your estate plan needs to account for the state-level estate tax. Even if you won’t owe federal estate tax, your estate could still owe New York estate tax. This is a separate system, and it has rules that differ in […]
Can You Give Gifts to Avoid the New York Estate Tax?
Statewide, the majority of people don’t have to worry about the New York estate tax or the federal estate tax. This is due to the fact that these taxes target high-net-worth individuals. However, there are plenty of multimillionaires in Manhattan where we practice. Clearly, the logical reaction to an estate tax would be lifetime gift […]
What Is the 2024 New York Estate Tax Exclusion?
In this post, we are going to look at the 2024 New York state estate tax exclusion. But before we get there, we will provide some general information about taxes on inheritances to provide clarity. The Good News You may be surprised to hear that you do not have to report an inheritance that you […]
2023 New York Estate Tax Facts and Figures
There is an estate tax in the great state of New York, and you should be fully aware of the parameters when you are creating your estate plan. In this post, we will share all of the important facts and figures for 2023, and we will look at taxation on estates in a broader sense. […]
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