Action Needed by March 31, 2014 to Avoid Proposed Changes to New York Estate Taxes and Trust Income Taxes

If Governor Cuomo’s proposals are enacted, New Yorkers and non-residents with property located in New York may be facing new taxes this April Fools’ Day.

- New York Estate Tax First, the good news — under the proposal:

- 1. Over the course of the next four years, the New York estate tax exemption would increase from $1 million to $5.25 million (indexed for inflation thereafter).

- 2. The top New York estate tax rate would decrease from 16 percent to 10 percent for decedents dying after March 31, 2017.

- 3. The New York generation-skipping transfer tax (GST) would be repealed allowing for multi-genera- tional tax savings.

Please see full Alert below for more information.

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Topics:  Estate Planning, Estate Tax, Income Taxes, Trust Income, Trusts

Published In: Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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