New York's new estate and gift tax law, which went into effect April 1, will create complex financial planning problems for people at all different levels of wealth.
Private Wealth Services Partner John Dadakis made the following calculations: If the estate is worth $1,000 more than the current exemption, the tax bill is $1,077. If it is $100,000 over, the bill is $109,729.50. At an estate valued at $2,165,625 the person would owe $112,050.
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