Inheritance Tax

A tax imposed by a minority of states at the time of a person's death that is based upon the total value of the decedent's estate.

New York State has an Estate Tax and the decedent's estate must file an estate tax return if the total of the federal gross estate plus the federal adjusted taxable gifts and specific exemption exceeds $1 million, and the individual was either:
  1. a resident of the state at the time of death; or
  2. a resident or citizen of the U.S. at the time of death but not a resident of the state, whose estate includes real or tangible personal property located in the New York. (NYS Dept. of Taxation and Finance)

Estate Planning Glossary

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Syracuse, NY 13202 

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