“Third Time is No Charm: Albany Fails (Yet Again) to Enact Meaningful Estate Tax Relief”
Two years ago, New York State enacted legislation reforming its estate, gift, and GST tax laws. State and City Bar Association Committees continued to present proposals to legislative leaders in Albany to fix the shortcomings of the new estate tax law. Unfortunately, their efforts were once again unsuccessful.
Meanwhile, the Republican presidential candidates advocate for full Federal estate tax repeal while the Democratic candidates seek to reinvigorate the Federal estate tax . For now the Federal estate, gift and GST tax exemptions have reached the new threshold of $5,450,000 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 provides an overview of key provisions the New York tax bill, including estate planning considerations for New York residents in light of the still-steep New York estate tax cliff. It also discusses recent developments in the estate planning arena and popular planning techniques that remain effective.