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Well, so it’s a federal concept, this exemption. And what it refers to is the amount that an individual can give away during her lifetime or leave at death, it’s an accumulative amount, free of the federal estate tax. In 2011, that amount, the amount of the exemption was $5,000,000.00. Every year it’s adjusted for inflation. And in 2014, it’s reached as high as or it has reached $5,340,000.00.
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New York tax and estate planning attorney Carlyn McCaffrey of McDermott Will & Emery discusses the $5,340,000 exemption.