The unprecedented impact of COVID-19 has led to an invigorated emphasis on estate planning for many New Yorkers. Faced with a stark reminder of mortality, clients are motivated to take advantage of low interest rates, diminished asset values and the current record-high federal gift, estate and GST tax exemption amounts, especially in light of the upcoming November 2020 election which may bring changes to the estate planning landscape with reduced federal exemption amounts, increased tax rates and elimination of the automatic step-up in basis.
The balance of 2020 will most certainly be a busy time for New York’s estate planning attorneys. As such, it is an excellent time to review the current New York Estate Tax regime, with a renewed warning of the dreaded “cliff” and a discussion of how intelligent and flexible planning can help provide security, savings and sometimes even the elimination of the New York estate tax.
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