“Estate Planning Alert – Albany Fails (Again) to Enact Meaningful Estate Tax Relief”
Last year, New York State enacted legislation reforming its estate, gift, and GST tax laws. The legislation was flawed in many respects – including that most of the benefits were illusory for wealthier New Yorkers – and proposals were presented to legislative leaders in Albany to fix those shortcomings. Unfortunately, Albany failed to enact any meaningful estate tax changes in its 2015 budget bill.
Meanwhile, Republicans in Congress push for full estate tax repeal while President Obama seeks to reinvigorate the Federal estate tax. For now, the Federal estate, gift and GST tax exemptions have reached the new threshold of $5,430,000 and many popular wealth-transfer techniques remain viable, but coordination of planning by New York couples is of even greater importance.
This Stroock Special Bulletin looks at the status of New York State and Federal estate, gift and GST tax laws and their implications for wealthier New Yorkers.