If a New York couple has a taxable estate that may exceed the amount of the exemption, one tool that they may use is a bypass trust. This estate planning tool helps to eliminate estate taxes for the first spouse who dies while also reducing the amount of estate taxes of the surviving spouse's estate.
Many people in New York carefully plan their finances for the future including the inheritance allocation. However, numerous people find the subject of discussing inheritance uncomfortable and difficult to approach. Elderly parents may avoid the conversation because discussing a death can be uncomfortable, and other family members might not want to appear greedy and insensitive. In many cases, many families do not discuss the issue.