One of the questions clients and colleagues have asked most frequently this year is what is going on with the estate tax?
Well, New York’s estate tax isn’t going anywhere. The first $1 million of assets is exempt, as is anything passing to a surviving spouse (with a few exceptions). Anything above $1 million is taxed at a rate of 10-17%.
However, the federal estate tax is in a state of flux – no one is really sure what is going on right now, and no one has a good idea what will happen next year. Thanks to the folks at Florida Estate & Tax Blog for this summary of the current federal situation: