KFLaw Mid-Year Publication Jan-June 2014

Feature Article: Client Alert

In conjunction with New York State’s latest budget, which was signed into law by Governor Cuomo early in April of this year, a number of changes were made in how New York State taxes estates and trusts. Several of these changes are fairly esoteric, but one that will impact many wealthier New Yorkers is the increase in the New York estate tax exemption. The prior $1 million estate tax exemption has been replaced by a gradually increasing exemption.

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