When are estate tax filings required?

There are two main types of estate taxes estates here in New York could potentially be subject to upon a person’s death. One is the state estate tax, as New York is among the states that has its own such tax. The other is the federal estate tax.

When a person here in New York passes away, whether or not his or her estate would be subject such taxes depends on the size of his or her estate. Not all estates are required to file and pay estate taxes. Rather only estates that are valued in excess of certain exclusion amounts are subject to such requirements. Today, we will go over the state and federal exclusion amounts.

The New York exclusion amount

Generally, for estates of individuals who pass away in 2019, only those valued in excess of $5,740,000 are required to file New York estate taxes. For estates of individuals who died in 2018, the state exclusion amount is a little lower, coming in at $5,250,000.

The federal exclusion amount

The federal estate tax exclusion amount is higher. The amount is $11,400,000 for estates of those who pass away in 2019 and $11,180,000 for estates of those who passed away in 2018.

There are various rules on what is and isn’t included when calculating an estate’s value for determining whether or not it exceeds the applicable exclusion amounts. There are planning steps individuals can take within the framework of these rules to try to keep their estate below the value level that would trigger estate tax liability upon their death. Estate planning lawyers can provide individuals with sizable estates with guidance and advice on strategies for legally avoiding estate tax liability.

No Comments

Leave a comment
Comment Information

Seek Legal Advice Today. Call 631-265-7200.

Email Us For A Response

Choose Experience To Protect Your Rights

Bold labels are required.

Contact Information

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.


Privacy Policy

Local: |

400 Town Line Road
Suite 170
Hauppauge, NY 11788

Phone: 718-737-7181
Phone: 631-265-7200
Fax: 631-265-7578
Hauppauge Law Office Map

1103 Stewart Avenue
Suite 200
Garden City, NY 11530

Phone: 718-737-7181
Phone: 631-265-7200
Fax: 631-265-7578
Map & Directions

7 Bayview Avenue
Northport, NY 11768

Phone: 718-737-7181
Phone: 631-265-7200
Fax: 631-265-7578
Map & Directions

186 Joralemon Street
Suite 1202
Brooklyn, NY 11201

Phone: 718-737-7181
Phone: 631-265-7200
Fax: 631-265-7578
Map & Directions