Estate and Income Tax Issues for New York

Laurence Keiser (attorney, White Plains, NY) recently published his article entitled New York State Aspects of Federal Estate Tax Repeal, 43 Tr. & Est. L. Sec. Newsl. 8 (Summer 2010).  The introduction is below:

Federal estate tax repeal in 2010 has raised several unique New York estate and income tax issues. Questions such as the filing threshold for New York estates, whether alternative valuation can be elected for New York estates, whether a QTIP election may be filed for New York State purposes only, and how to interpret formula clauses in wills prepared prior to December 31, 2009 all became of real concern when the federal estate tax was allowed to sunset at the end of last year. New York lawmakers and tax officials have responded swiftly, however, and have provided guidance and proposed legislation to help ease the uncertainty for New York residents.