Q: Thank you Michael. Follow up question. Our estate ends up being a taxable NYS estate as the taxable estate (cont below)
is valued at approx 5.6 mil. It "falls off the NYS Estate tax cliff" resulting in a NYS estate tax of approx $480K. Since the feds permit a deduction for the state taxes paid, the federal taxable estate comes under the federal threshold of 5.49 (2017). Is there any suggestion, strategy, or way to avoid this NYS cliff?
A: Yes, but an internet site is not the way to evaluate a large estate and the tax consequences. Spend a little and have a qualified lawyer or accountant help you.
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