New York's estate tax scheme has remained the same for years, but that has just changed dramatically. The newly enacted state budget includes changes to estate and gift taxes that are designed to allow New York to "catch up" to the federal estate tax regime.
Estate planning, in the early stages, can be daunting, especially if you have assets that need to be divided among several loved ones. Even if you don't have a lot of money, you still need an estate plan. The truth is that if you own a home or have any real or intangible assets you need to talk to a professional about an estate plan. It is simply financial planning for the future.