Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

How does the inheritance tax work in New York?

One importance piece of estate administration that any personal representative handling a Rochester, New York, estate will have to resolve is whether an estate will have to consider and pay an inheritance tax. Like many other states, New York has an inheritance tax which has to be paid even if an estate will not be assessed the federal estate tax.

New York 's inheritance tax, which is more appropriately called an "estate tax," is based in part off of the federal estate tax in that a New Yorker's "gross estate" under federal law also serves as the taxable estate for New York estate tax purposes. The taxable estate is the calculated value of a person's estate that is subject to tax. Under New York law, certain gifts a deceased person made shortly before death may also be included in the taxable estate.

As with the federal estate tax, New York offers what it calls a "basic exclusion amount," currently $5.25 million. An estate worth less than $5.25 million will not be assessed any estate tax because the value of the "taxable estate" is zero. Otherwise, tax rates get progressively higher proportionate to the value of the estate, with the most valuable estates being taxed at 16 percent.

As with other "progressive" taxes, it is important to remember that the tax rates get higher "on the margin." This means that a taxable estate worth more than $10.1 million only has to pay the top rate of 16 percent on every dollar above the $10.1 threshold. It is not the case than an $11 million taxable estate must pay 16 percent but a $9 million estate only pays 14.4 percent on every dollar.

Figuring the estate tax can be complicated, especially since it often depends heavily on how one values property. It is often a good idea to get the assistance of a qualified New York estate administration attorney for help with New York estate tax issues.

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: