BE GLAD YOU DO NOT LIVE OR DIE IN NEW YORK
YOUR ESTATE TAX COULD BE 164%
Congratulations, New Yorkers! It now costs you money to die. Okay, not really. But it’s an eye-grabbing headline, no? There is a kernel of truth to it, and that’s the ironic thing. Because, in an attempt to stem the flight of wealthy citizens to lower tax states, New York legislators actually raised the rates on some levels of the estate tax. It’s pretty convoluted and definitely involves some monkey math, but the fact is some folks who die in New York over the next decade will be on the hook for more than 100% of the taxable amount of their estate. What a great place to live (and die)!!! Check it out: