Over 99% of Americans will not pay a single penny in estate taxes simply because the exemptions are so very high that the taxes do not apply. However, for the few high-wealth individual to whom the tax applies, minimizing the amount of the tax can be a very important concern. New York residents (as well as non-residents who own property that is within the state) may need tax planning if they expect that the assets they will own when they die (plus the assets they have given as gifts during life) are worth more than $1 million.
Because dying unexpectedly without an estate plan can cost your family a tremendous amount of money, every New Yorker with assets over $1 million should have an estate plan.
If you need tax planning, Muennich & Bussard, LLP can create an estate plan for you that will minimize your family's tax burden.