This article provides a comprehensive overview of the current New York estate tax framework, including a discussion and analysis of the New York estate tax exemption amount, key computational differences between the New York and federal estate tax, and practical planning strategies to minimize state and federal estate tax exposure for New York State residents dying in or after 2026.

I have spent the latter part of my career helping tax professionals think through technical positions, reviewing high-risk issues, and training newer professionals on how to read and apply the tax rules in a practical way. 

Section 1031 of the Internal Revenue Code of 1986 generally provides that no gain or loss is recognized when property held for productive use in trade or business or for investment is exchanged solely for like-kind property to be held for the same purpose. Over the years, litigation has focused on whether a taxpayer held the relinquished property and intended to hold the replacement property for productive use in a trade or business or investment.

With the One Big Beautiful Bill Act (OBBBA) came IRC section 174A, restoring current deductibility for domestic research and experimental (R&E) expenditures for tax years beginning after Dec. 31, 2024. This change reversed the mandatory capitalization and amortization regime that applied to domestic R&E beginning in 2022 under IRC section 174.

Estate planning is often viewed through a purely legal or financial lens, but the associated emotional and psychological dimensions are just as critical. Understanding why people avoid planning, and how to guide them through the relational complexities, is critical for professionals in the fields of Trusts, Estates, and Elder Care Planning. This article explores the psychological barriers to estate planning and offers strategies to overcome them.