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New York’s Estate Tax Laws Are Complicated

In New York, you have nine months to file and pay estate taxes following the death of your loved one. Executors of the estate may request an extension for up to six months. In cases proving undue hardship on the estate, the court may grant an extension of up to four years. But you may not have to worry about estate taxes if your loved one died on or after January 1, 2021, and their estate qualifies for the basic exclusion amount (BEA) which is $5,930,000. The federal exemption, subject to change in 2026, is currently $11,700,000.

New York’s estate tax laws are complex because they comprise graduated rates, depending on the worth of the estate plus includible gifts. If the overall value of the estate exceeds the BEA, then a New York estate tax return must be filed. Penalties and interest may apply for filing late or late payments.

Includible gifts are taxable gifts made anytime during the three years preceding the decedent’s death and are not already part of the estate’s inventory. Exceptions apply, depending on the date of the gift, such as prior to April 1, 2014, or if the gift was real property in another state.

Legal Assistance To Assist You Over The Hurdles

Attorney William A. Simon can assist you with your estate taxation questions and understanding your role as executor. In addition to a copy of the death certificate, the New York State Tax Department requires other documents such as:

  • Executor’s or administrator’s letters of appointment
  • The will or related trusts
  • Real and personal property appraisals
  • Copies of lawsuit complaints involving the estate

Incomplete estate tax returns may take longer for the state to issue a closing letter. Working with an estate administration attorney can help you resolve obstacles that may come in the way of administering your loved one’s estate.

Inquire With McGarry & Simon Today

There are many other complicated issues that come up during estate administration that require the discerning assistance of a knowledgeable attorney. Attorney William A. Simon provides meticulous attention to the details and prompt responses. Send an email or call McGarry & Simon at 212-235-1898 to initiate a consultation.