Estate Tax Planning
Last updated on March 30, 2026
Brooklyn, New York, Estate Tax Attorneys
At The Law Offices of Polizzotto & Polizzotto, LLC, we assist clients in transferring assets through various estate planning tools in order to implement effective estate tax planning strategies and minimize tax burdens upon their death. Alfred Polizzotto III is a certified financial planner with more than 20 years of experience assisting clients with asset protection and transfer. Our clients have worked hard their entire lives. We help them and their families reap the benefits of their work by making recommendations on how to protect their assets from the federal and state governments.
If you want to reduce future taxes on your estate, contact an estate tax planning attorney at The Law Offices of Polizzotto & Polizzotto, LLC, for an insightful consultation.
How Estate Tax Is Calculated In New York State
New York uses a state‑level estate tax system that evaluates the total value of a person’s taxable estate at death.
The calculation begins by determining the gross estate, which includes real property, financial accounts, business interests and other assets in which the decedent held an interest. After allowable deductions are applied, the remaining amount is compared to the state’s basic exclusion amount to determine whether estate tax is owed.
The state’s approach differs from the federal estate tax in several ways. The federal system applies a significantly higher exemption and uses a unified credit structure, while New York applies its own exclusion amount and does not offer portability between spouses.
New York also uses a unique “estate tax cliff.” This means that if the taxable estate exceeds the exclusion amount by more than a small margin, the entire estate becomes subject to tax rather than only the amount above the threshold.
The state publishes a detailed tax rate table and instructions in Form ET‑706, which outlines the current brackets and percentages based on total estate value. These materials help illustrate how quickly tax liability can increase once an estate surpasses the exclusion amount. Because the rates are progressive, larger estates face higher marginal tax levels, and even modest increases in asset value can meaningfully affect the final calculation.
Several factors influence the state’s determination of taxable value. These include:
- Lifetime gifts within three years of death must be added back to the estate
- Certain transfers made shortly before death
- Valuation of complex assets like closely held businesses or investment properties
These components can each change the final tax figure, making careful documentation and accurate appraisal essential.
Estate planning can help reduce exposure to New York’s estate tax. Options may include:
- Lifetime gifting strategies
- Trusts that remove assets from the taxable estate
- Careful structuring of ownership of property or business interests
Since these tools carry varying rules and long-term implications, they must be selected and implemented with precision.
A knowledgeable attorney can review your estate and assets to determine your likely tax exposure under current New York law. Your lawyer can also help you identify trusts and other planning strategies that may reduce or eliminate unnecessary estate tax obligations.
Comprehensive Estate Tax Planning Strategies
Depending on your estate size, your family may need to pay federal and state estate and/or income taxes after your death. Our lawyers will analyze your estate and its value and recommend tools to minimize your estate and exposure to taxes. Our estate tax planning services utilize various legal and charitable tools, including:
- Passing down assets in a will
- Transferring assets to a family member through a trust fund
- Giving money or property to a charitable organization
- Starting a college savings fund
- Gifting money to a family member
- Setting up a family-limited partnership
Our firm is committed to helping you and your family maximize the benefits of your life’s work and savings. We will sit down with you to discuss your personal goals and your idea of a successful outcome for your estate. We then focus on reducing the value of your estate, so it falls below federal or state exemptions for estate taxes. Whether you have a simple estate or many complex assets, we can provide experienced assistance for your estate tax planning needs.
As of Jan. 1, 2018, under the new law through the federal estate, gift, and generation-skipping tax, people can shelter up to $11.2 million with properly formed wills and trusts.
Contact Our Law Office
Contact an estate tax planning lawyer to arrange a consultation by calling us at 718-232-1250 or reach out online and learn how estate tax planning services can help you pass down more assets to your loved ones.