The Listen to Lawrence Letter: Clearing up Estate Tax Exemption Confusion

READER QUESTION:

I just read your response about the federal estate tax exemption at $7.16 million. But I thought the tax exemption was at $13.99 million per person. Am I wrong??

MY RESPONSE:

You are correct. However, the $7.16 million exemption is also correct as it is the New York state exemption, not federal.

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