A Quick Look at the New York Estate Tax

One of the most pressing concerns among people who have substantial amount of assets is the protection of those assets from the grip of the taxman. Whenever someone comes to possess significant sums of wealth, a big part of his or her agenda, moving forward, will be shielding those sums from the many hands that want to reach out to grab them. Toward this end, it’s important that high net worth individuals be as educated as possible on the various taxes that can eat at their wealth. The New York estate tax is something that every high net worth person should be aware of, as it can impose heavy liabilities in certain circumstances.   The estate tax in the State of New York is assessed and implemented separately from the federal estate tax; however, though this is the case, the New York estate tax is in some ways influenced by the structure of the federal estate tax. For instance, in 2019, the exemption for the New…

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