New York Estate Tax ‘Cliff’ and Planning Strategies: New York imposes an estate tax with a “cliff” effect, where exceeding the exemption amount by more than 5% results in taxation of the entire estate. Implementing planning techniques, such as charitable bequests or gifting strategies, can help mitigate this impact.
In the world of estate planning, navigating the treacherous waters of New York’s estate tax can feel like tiptoeing on the edge of a cliff.