Lifetime Transfers Can Reduce New York Estate Taxes

Abstract

This Article explains how the making of lifetime transfers can reduce the New York estate tax burden, thereby increasing the benefits for decedents’ beneficiaries. The Article focuses on lifetime transfers made close to death for decedents who are New York residents at death. The Article provides a brief explanation of the New York estate tax system, examples of when the New York estate tax will be imposed, and an explanation of the relationship between New York estate tax and federal estate tax systems. The author also provides lifetime planning strategies to reduce the New York Estate tax, including brief rules of thumb for reducing New York estate taxes.

Keywords: estate tax, lifetime transfers, New York estate tax system