When you die your estate is not subject to the federal estate tax if the value of your estate is less than the “exemption amount” (Federally) or the “basic exclusion amount” in New York State.
For people who pass away in 2022, the Federal exemption amount will be $12,060,000.00. This is an increase from $11,700,000.00 for 2021.
The New York State Basic exclusion amount has increased for decedents dying from January 1, 2022, through December 31, 2022; it is now $6,110,000. For reference, from January 1, 2021, through December 31, 2021, it has been $5,930,000.
