Stroock Special Bulletin
"2014 - A Banner Year For Estate Planning -- Federal Estate, Gift and Generation-Skipping Tax Exemptions Rise to New Threshold of $5,340,000 (ALERT: Prompt Action Should be Considered by New York Residents to Complete Gifting Before April 1, 2014)
On January 1, 2014, the Federal estate, gift and GST tax exemptions increased to a new threshold of $5,340,000 ($10,680,000 per couple). Even individuals who had previously exhausted their Federal gift and GST exemptions have gained another $90,000 of exemption ($180,000 per couple) as a result of inflation indexing.
This Stroock Special Bulletin describes opportunities to utilize these valuable exemptions. It also discusses potential changes to the Federal and New York estate, gift and GST tax laws, including one proposal that compels New York residents to consider taking action before April 1, 2014.