Trusts & Estates Alert - May 2014: Recent Changes to New York's Estate and Trust Income Tax Laws

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Effective April 1, 2014, as part of the implementation of the 2014-2015 budget, the legislature and Governor Cuomo made significant changes to New York’s estate tax and trust income tax laws. According to Governor Cuomo, a key objective is to provide tax relief to New Yorkers and prevent them from migrating to states with more generous estate tax laws. This Alert provides a summary of key provisions of the new law.

Estate Tax Exclusion Increased -

The most significant change implemented with the new law is the increase in New York’s basic exclusion amount. Prior to the new law, this amount had long been $1 million per decedent. As of April 1, 2014, the amount has more than doubled to $2,062,500 and is scheduled to increase over the next few years so that by January 1, 2019, it will equal the federal exemption amount (projected to be approximately $6 million). The chart below sets forth the scheduled increases...

Please see full alert below for more information.

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Topics:  Estate Tax, Exclusions, New Legislation, Residency Status, Tax Exemptions

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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