Federal Gift and Estate Tax
The 2019 exclusion amount is now $11,400,000; this is a $200,000 increase from last year.
New York Gift and Estate Tax
New York has no gift tax and for people dying on or after January 1, 2019, actual gifts made will not be taxed as part of your estate upon death. (Old rule brought back into your estate gifts made within three years of death.)
Significant changes to New York’s estate tax have been made recently, the impact of which depends on the size of your estate. As of 2019, New York’s basic estate tax exclusion amount is $5,740,000 per decedent. If you die and have under the $5,740,000 exclusion amount, then your estate is in the clear and will not be subject to NY estate tax. However, if the estate exceeds more than 5% of the exclusion amount, the exclusion goes away and the estate will now be subject to NY estate tax in its entirety.
Debts, funeral and estate expenses; unlimited marital deduction; unlimited charitable deduction and the first $15,000 per person per year is gift tax free but note that this is not a penalty-free transfer for Medicaid purposes.