| ALERT
THE NEW 2026 ESTATE TAX EXEMPTION NUMBERS:
FEDERAL: $15,000,000 – There will only be a tax on the excess above the exemption.
NEW YORK: $7,350,000 plus 5% cliff equaling $7,717,500
To be clear, the New York estate tax exemption is $7,350,000 (no tax), but if you exceed it by less than 5% you pay some tax. When you exceed the 5% which is $7,717,500, you lose the entire exemption and are taxed on the first dollar. That is what is meant by falling over the “cliff.” |