Legal Question in Wills and Trusts in New York
Parent -Florida estate, Child -New York residency
My father and his estate are in Florida, I chose to move to New York City. I have read NY has no inheritance tax, but will they be able to tax me on anything else regarding the estate when it is inherited?
1 Answer from Attorneys
Re: Parent -Florida estate, Child -New York residency
Whomever advised you there is no NY Inheritance Tax, or possibly even a FL Inheritance Tax, is incorrect. I believe that what they mean is that usually an inheritance is not subject to income tax, depending the type of assets inherited. To my knowledge, both states have death taxes, which depend upon the size of the decedent's estate. The rules, to my knowledge, are taxes may be due if the estate exceeds $675,000 in Florida and $1,000,000 in NY. FL recently amended its death tax laws, so my information may not be accurate at this time. If your father is still alive, proper estate planning by him may reduce or eliminate death tax exposure.
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