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The release of lien is an authorization to transfer the real property, located in New York State, free and clear of the estate tax lien. The lien applies only to real property located in New York State. No fee applies to a release of lien.

Spread Between Federal and New York State Estate Tax Exemptions Date of DeathFederal ExclusionNew York ExclusionJanuary 1, 2019, to December 31, 2025$11,400,000*$5,740,000*January 1, 2026, and beyond$5,740,000**$5,740,000*

The annual exclusion amount for 2023 is $17,000 ($34,000 per married couple). That means you could give up to $17,000 (or a married couple could give a total of $34,000) in annual exclusion gifts to any child, grandchild or other person.

In 2023 the federal estate tax exemption is $12,920,000 for an individual or $25,840,000 million for a married couple.

If a gift exceeds the 2023 annual $17,000 limit, that does not automatically trigger the gift tax. Also for 2023, the IRS allows a person to give away up to $12.92 million in assets or property over the course of their lifetime and/or as part of their estate.

As of January 1, 2023, the New York exemption amount is $6.58 million per individual (up from $6.11 million in 2022).

Generally, for NY estate tax purposes, if the value of assets passing to beneficiaries other than a spouse or charity is below a certain threshold ($6.11 million in 2022), the assets are fully exempt from tax and no NY estate taxes will be due.

You must file Form ET-706 within nine months after the decedent's date of death, unless you receive an extension of time to file the return. An extension of time to file the estate tax return may not exceed six months, unless the executor is out of the country.