Federal Estate Taxes & NYS Estate Taxes
NY case 85 year old deceased in 2013. Estate value approximately 6.5 Million. No surviving spouse. 2 surviving children. Question #1 Is exemption still 5,250,000 for children also with top rate at 40% or different. Question #2 NYS estate taxes Exemption is 1,000,000 is this correct if so does the same apply to surviving children and what is top tax rate. Thank You
Permalink Submitted by Bruce Steiner on Mon, 2013-10-21 23:28
1. Federal is $5.25 million and 40%. 2. NY exemption is still $1 million. Top rate is 16% above $10.1 million. Tax on $6.5 million is about $550,000. The lawyer will have the appropriate software to prepare the estate tax returns.
Permalink Submitted by John Pirozzi on Tue, 2013-10-22 18:44
thank you