• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Eghrari-Logo

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

What is the New York Estate Tax Rate?

New York estate tax can take a big chunk out of the value of an estate and can impact the legacy that you hope to leave behind for your beneficiaries or your heirs. If you are making your estate plan, you need to understand what the New York rules are for estate taxes and you need to understand what the rates are that your estate will be taxed at if taxes are due. If your loved on has passed away in New York and you are concerned about the way in which estate tax will affect your inheritance, you also need to know what state laws require.

Eghrari Wealth Training Law Firm can provide you with help in understanding the New York estate tax. We can explain the tax rate, the rules under which estates in New York are taxed, and the circumstances where taxes are assessed. We can also help you to explore all possible approaches to reducing or avoiding estate tax so an inheritance can be as substantial as possible. Give us a call today to find out more about the ways in which our legal team can help you with all tax issues related to both NY and federal estate tax laws.

What is the New York Estate Tax Rate?

The New York State Department of Taxation and Finance explains estate taxes within New York. New York has its  own state-specific estate tax rules applicable to those owning property within the state, as compared with the federal government who has uniform estate tax rules nationwide. When a person passes away and lives in New York or owns property in New York, it is possible that both the state and federal government will assess estate taxes.

Estate taxes in New York have to be paid once the value of the estate exceeds the basic exclusion amount (BEA). The BEA is the amount of excludable property that can be transferred on to new owners without estate taxes being triggered. Between April 1, 2016 and March 31, 2017, this BEA amount is $4,187,500. After April 1, 2017, the amount will be $5.25 million.

If your estate is larger than this amount, consulting ET-706 becomes necessary to determine what your actual tax obligation is. This form has a chart showing tax rates. For example, if your estate is valued at between $7.1 million to $8.1 million, the tax owed would be $650,000, plus 13.6 percent of the value of the taxable estate in excess is $7.1 million.

If your estate was $7,200,000, this means that you would owe $650,000 plus taxes on 13.6 percent of ($7.2 million – $7.1 million) Doing this calculation would mean you owe $100,000 plus $650,000 or a total tax of $750,000.

Will You Have to Pay New York Estate Tax?

Understanding the New York estate tax rate is complicated, since differing amounts are owed and differing percentages are assessed based on a variety of factors. You need to make certain that you know if you death is going to trigger estate tax. With this knowledge, you can work with a New York estate tax lawyer to find different ways to transfer assets after your death without losing a good amount of their value to a big government bill.

Your New York estate tax lawyer will provide assistance not just with trying to limit or avoid New York estate taxes, but also with trying to reduce or avoid federal estate tax. Tools like trusts and the strategic giving of inter vivos gifts (gifts during your lifetime) can help you to avoid having to pay taxes on some or all of your estate. This can be especially important if you have a lot of illiquid assets like property to transfer to heirs but are not leaving a lot of money that will be available for the estate to pay taxes.  If you have not made advanced plans under these circumstances, your heirs could end up forced to take a loan or sell their legacy.

Getting Help from A New York Estate Tax Lawyer

A New York estate tax lawyer can provide invaluable assistance with understanding tax rates and with making smart choices about how to make an estate plan that addresses tax issues. We represent individuals who are planning ahead to provide a legacy for loved ones through a comprehensive estate plan. We also offer assistance to those whose loved ones have passed away and who are going through the probate process.

To find out more about what a New York estate tax lawyer can do for you, give us a call at (631) 265-0599 or contact us online to speak with an experienced member of our legal team to learn more.

  • Author
  • Recent Posts
Eghrari Wealth Training Law Firm
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Eghrari Wealth Training Law Firm (see all)
  • What You Need to Know about Medicaid’s “Look-Back” Rule - February 1, 2023
  • What You Need to Know about Elder Financial Exploitation - January 25, 2023
  • What Is an Asset Protection Trust? - January 18, 2023

About Eghrari Wealth Training Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: «What is medicaid? What is Medicaid?
Next Post: Is Probate Necessary If the Estate is Small? is probate necessary»

Primary Sidebar

Blog subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Map

map for Eghrari Wealth Training Law Firm office

Footer

Office Location

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

ATTORNEY ADVERTISEMENT

Copyright © 2023 American Academy of Estate Planning Attorneys · All Rights Reserved