I am the executor of an estate that will be worth 1.1 to1.5 million dollars. What will the tax rate be on this estate?

Question

I am the executor of an estate that will be worth 1.1 to1.5 million dollars. What will the tax rate be on this estate?

Answer

If the estate is a New York Estate it will be subject to NY estate tax only. The tax rate will be based upon the amount over $1 million. A very, very rough estimate is about 8 to 12 %. If you require tax return preparation, or assistance in the administration of please feel free to contact me. I may be reached at (212) 786-7539.