New York has enacted changes to their estate tax. The changes include increasing exclusion amount over the next 4 years until the basic exclusion in New York will equal the federal estate and gift tax credit. While the benefits of the changes have limitations, this is a huge improvement for New York’s high state estate tax, which the state feared was driving wealthy residents to other states.
See Anthony J. Enea, Column: Some Estate Tax Relief Arrives for New Yorkers, West Fair, July 8, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
