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The Expense of Dying in New York

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Well, it was very expensive because New York had its own exemption, which was much lower than the federal exemption. It was only $1,000,000.00. And once you died with more than $1,000,000.00, it was an immediate estate tax, and it went as high as 16 percent. Now, if an individual had at least $5,000,000.00 worth of other assets, there’s a deduction against the federal estate tax. But even with the effect of the deduction, it still costs an extra 9.6 percent to die in New York.

New York tax and estate planning attorney Carlyn McCaffrey of McDermott Will & Emery discusses how New York used to be a more expensive place to die.

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