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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.
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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.