What Is the New York Estate Tax Cliff and How Can Buffalo Families Avoid It?
Understanding New York’s Most Costly Estate Planning Trap Key Takeaways: The New York estate tax cliff taxes an entire estate once its value exceeds 105% of the basic exclusion amount, $7,717,500 in 2026, based on a $7,350,000 exclusion. Unlike the federal system, New York eliminates the exclusion benefit entirely for estates just over the threshold, […]