New York Estate Tax: The Cliff 

The 2024 New York state estate tax threshold is $6.94 million (as adjusted for inflation). Thus, if an individual’s estate is worth less than $6.94 million and they die in 2024, the estate owes nothing to the state of New York.

But beware of the cliff. New York has a “cliff” that impacts weallthy families. If the New York estate exceeds the $6.94 million exemption by less than 5%, it only pays taxes on the amount that goes over the threshold. If the total value is more than 105% of the exemption amount, taxes are paid on the entire New York estate.

Example: 105% of $6.94 million is $7,287,000. If your estate is worth between $6,940,000 and $7,287,000 in 2024, you only pay tax on the amount that exceeds $6.94 million. So if your estate is worth $6.99 million, your taxable estate is only $50,000. If your estate surpasses $7,287,000, all of your estate is taxable. So if your total estate is $7.75 million, for example, you will pay estate taxes on the full amount.

See: Planning to eliminate or mitigate the New York State Estate Tax through lifetime gifts.

Client Reviews

Hire Robert Adler only if you want the best care imaginable. Adler was extremely diligent in uncovering our needs through caring and insightful conversation. He used those conversations to creatively craft and...


After interviewing 10+ attorneys, I was glad to find Mr. Adler. He is one of the few who cares and is willing to help client with his best. His in depth knowledge and prompt responses made me fortunate to have...


Robert has a way of making extremely sophisticated techniques understandable to his clients. He is a lovely man who is an absolute pleasure to do business with. I wholeheartedly give him my endorsement and...


Get in Touch

  1. 1 Personal Attention to Every Case
  2. 2 30 Plus Years of Experience
  3. 3 Free Initial Telephone Consultation
Fill out the contact form or call us at 212-843-4059 or 646-946-8327 to schedule your consultation.

Leave Us a Message