Plan For New York's Estate Tax Changes

Law360, New York ( May 5, 2014, 1:09 PM EDT) -- On April 1, 2014, New York state enacted a new budget (the "budget legislation"), which includes legislation that makes significant changes to New York tax law. Included in the budget legislation are reforms that will more closely align New York's estate tax exclusion with the federal exclusion, include some lifetime gifts in the taxable estates of New York decedents, and subject the income of certain trusts to New York tax for the first time. New York taxpayers should be aware of how these changes may affect them....

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