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Not at all, actually, because once an individual has an estate of more than the federal exemption amount, they’re gonna be fully subject to New York tax. The exemption didn’t increase at all, so they’re still at the same level. It’s basically a the privilege of dying in New York, you pay a tax of 49.6 percent instead of only 40 percent.
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New York tax and estate planning attorney Carlyn McCaffrey of McDermott Will & Emery explains how recent changes in New York tax exemption laws may impact wealthy New Yorkers.