Estate Tax Explained Avoid Uncle Sam's Asset Grab

We know that Uncle Sam loves taking part in all of our assets and everything we have and there's something called an estate tax. >> Yeah. >> Okay. Estate taxes are exactly what they are. When you pass down an estate, there's a tax. Paul, if you can just go through the basics of estate taxes and what planning would be needed potentially for that piece. >> Sure. So, estate taxes obviously, you know, every so everybody's situation is different, what they're looking to accomplish, what they're you know, so when you're you're in a situation where people have um assets or leaving over assets um over let's call it seven and a half million dollars for New York State, federal it's 30 million dollars. So, seven and a half million dollars give or take um on the on the New York State estate tax, you basically hit a cliff, okay? Where where if you go over that over that amount, they give you a little bit of a cushion, but if you go over that amount, you then have to pay um estate tax on the assets that are left over to the next generation, okay? The the predominant way to plan towards that is basically to give away those assets during your lifetime.