On March 31, 2014, the New York State Legislature passed the Executive Budget for 2014-2015, bringing with it substantial changes to trusts and estates law in New York.
Estate Tax Exclusion Increases
The new law increases the New York estate tax exclusion amount, which was $1 million. The exclusion amount is $2,062,500 for individuals dying on or after April 1, 2014, and before April 1, 2015. The exclusion amount increases to $3.125 million in 2016, and to $4,187,500 in 2017. It then increases to $5.25 million for individuals dying on or after April 1, 2017, and before Jan. 1, 2019.
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