"New York State Enacts Legislation Reforming Estate, Gift, GST and Trust Income Tax Laws, Including Gradually Increasing the New York State Estate Tax Exclusion From $1,000,000 to the Federal Level (Currently $5,340,000)"

This Stroock Special Bulletin provides an overview of New York State's newly enacted  legislation reforming its estate, gift, GST and Trust Income Tax Laws.  Although the legislation, gradually increases  the New York State estate tax exclusion from $1,000,000 to the Federal Level (Currently $5,340,000), its benefits are largely illusory for wealthier New  Yorkers.  Planning opportunities to  reduce New York and Federal estate taxes remain viable, and coordination of  planning by couples is of even greater importance under the new law.