In our recent article “Should You Consider a Trust for Your Child’s Inheritance?” we stated that an estate over 1 million dollars is subject to the NY State Estate tax. In fact, the law was recently altered so that persons whose date of death is after April 1, 2014, are only charged estate tax on estates over $2,062,500. This figure will gradually increase as follows, a date of death that is: on or after April 1, 2015 and before April 1, 2016 $3,125,000.00; on or after April 1, 2016 and before April 1, 2017 $4,187,500.00; on or after April 1, 2017 and on or after January 1, 2019 $5,250,000.00, at which point increases will follow with the Federal Estate Tax Exemption increases. For more information on the new Estate Tax laws and how they might affect you, feel free to contact us.
Source: http://www.tax.ny.gov/pdf/memos/estate_&_gift/m14_6m.pdf
