There are still key differences between the Federal and New York Estate Tax Systems that need to be considered in planning including:
- NEW YORK DOES NOT ALLOW A SURVIVING SPOUSE TO USE ANY UNUSED EXCLUSION AMOUNT FROM THE ESTATE OF THE FIRST SPOUSE TO DIE (PORTABILITY). FEDERAL LAW ALLOWS PORTABILITY.
- IN NEW YORK IF A TAXABLE ESTATE IS BETWEEN 100 TO 105% GREATER THAN THE NEW YORK EXCLUSION AMOUNT, THE EXCLUSION AMOUNT IS PHASED OUT AND NEW YORK ESTATE TAX WILL BE PAID.
Even though the New York exclusion amount has increased the differences in New York and Federal estate tax laws still require planning.
If you would like more information on the changes to the New York estate credit increases or other issues relating to your estate plan, call or e-mail John F. Leone, Esq.