The federal estate tax exemption, or known colloquially as the “death tax”, is currently so high that it does not affect most people. In 2020, the federal estate and gift tax exemption is $11.58 million dollars. In New York State, the exemption in 2020 is $5.85 million dollars. Although for most people, estate tax will not be an issue, the federal exemption sunsets on December 31, 2025, and there is a possibility that the exemption will be lowered.