New York has its own estate tax with an exemption of about $7.16M and a top rate of 16% — well below the $15M federal exemption, so more estates are affected.
Only the value of a taxable estate above the $7.16M exemption is taxed, at rates topping out around 16%. The unlimited marital deduction and charitable gifts reduce the taxable estate. Estimate your New York and federal tax together in the estate tax calculator.
Because the New York exemption is far below the federal level, even middle-class estates with a home and retirement savings can be exposed. Lifetime gifting (see the gift tax calculator) and the step-up in basis (the step-up calculator) are common tools. Confirm current figures with New York, as exemptions are indexed.