April 30, 2014
ESTATE PLANNING, financial planning, gift tax, property law, retirement, taxes
Some Good News (for a change!)
Until a few weeks ago, New Yorkers with a taxable estate of about a million dollars, would owe New York estate tax at rates rising to 16%. However, as of April 1, 2014, New York estates can avoid tax on the first $2,062,500, up from a base exclusion amount of $1 million per person, prior to April 1, 2014.
For many clients, with assets over $1 million, but below the federal exclusion (presently $5.34 million), the New York tax could add up. With the change, a tax break has been afforded which can save two hundred thousand dollars in New York estate taxes, for estates below the New York exclusion. However, once you ...