In our last post, we started examining the changes being made to the New York estate tax exemption, as the limit was raised from $1,000,000 to $2,062,500 on April 1 of this year. Our initial overview discussed the effects of the previous exemption on New Yorkers. In this post, we’re going to look at how the previous exemption differs from the new exemption.
It’s likely that you may not have heard much yet about the New New York estate tax exemption—the legislation seemed to have passed fairly quietly on March 31 of this year, going into effect on April 1. This is the beginning of a fairly long “phasing out” period, with plans for the New York state estate tax exemption to gradually increase to meet the federal estate tax exemption by 2019.
