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Archive for May, 2014

Significant Changes to NY’s Estate and Gift Tax Law

Posted on: May 6th, 2014 No Comments

On March 31, 2014, Governor Cuomo signed legislation that made important changes to the New York State estate and gift tax laws.  In brief: Estate Tax Exclusion Amount Under the new law, effective April 1, 2014, the New York estate tax exclusion amount (which was formerly at $1 million) is increased incrementally until the state exclusion matches the federal estate tax exemption, as follows: For individuals dying on or after April 1, 2014 and before April 1, 2015, the exclusion amount will be $2,062,500; For individuals dying on or after April 1, 2015 and before April 1, 2016, the exclusion >>More