While Congress significantly raised the estate tax exemption from $3.5 million dollars to $5 million dollars in December 2010, the state of New York requires estates to start paying estate tax on anything over just $1 million dollars.
Who has to File a New York Estate Tax Return?
Any person who is a resident of New York at the time of death, or anyone who owns real or tangible personal property in New York, even if he is not a resident of the state, is required to pay state estate taxes. A person who owns real or tangible property who is not a U.S. resident or citizen must file a New York state estate tax return only if the gross estate in the U.S. has a value over $60,000.00 less applicable gift tax exemptions.
Experienced New York Estate Planning Attorney Elga Goodman can help you take an inventory of all your assets and make a plan that takes advantage of the current tax legislation in New York and plans for possible changes in the future. Call us today at 973-841-5111.
Posted in: New York Estate Planning