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For individuals with substantial wealth, estate planning often involves navigating both federal and state tax systems. In New York, estates valued above the state exemption threshold of $6.58 million (as of 2023) may be subject to New York estate taxes. At the federal level, estates exceeding the federal exemption threshold of $12.92 million (for 2023) may also face federal estate taxes.
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The federal estate tax exemption is significantly higher than New York’s. This discrepancy means that many estates that escape federal taxation may still be subject to New York estate tax. For example, if an estate is valued at $8 million, it would be below the federal exemption threshold but $1.42 million over New York’s, resulting in state-level estate taxes.
In contrast, estates exceeding both thresholds face dual taxation. While federal estate taxes are assessed at a maximum rate of 40%, New York’s rates range from 3.06% to 16%. Combined, these taxes can significantly reduce the value of an estate passed on to heirs.
Coordinating federal and state estate tax planning is critical for high-net-worth individuals. Strategies to reduce or avoid taxes at both levels include:
Federal and New York estate tax laws can overlap, potentially imposing significant tax liabilities on large estates. Coordinating strategies to address both systems is essential for minimizing taxes and preserving wealth. Working with an experienced tax advisor or estate planning attorney can help ensure your estate plan is optimized to navigate these complexities.
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