You worked so hard to accumulate assets so no one wants to have their family pay estate taxes when they pass away. Estates of over $3,125,000 from April 1, 2015 – March 31, 2016 ($2,062,500 from April 1, 2014 to March 31, 2015) are subject to New York State estate taxes.

For example, the tax on an estate of $4,000,000 is $280,400. If your estate is over $5,430,000 (for 2015), the estate tax rate is 40% in addition to the New York estate taxes. Planning can be implemented to minimize or eliminate estate taxes, thru a gifting program, fractionalizing interests, trusts such as GRATs, QPRTs and ILITs. If you want to save estate taxes, you need to be proactive by seeking professional counsel.

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