New York State reduces its estate tax for some, increases it for others
The budget adopted by New York State effective on 1 April 2014 was touted as including reductions in the New York State estate tax designed to keep the wealthiest New Yorkers from leaving New York to avoid estate taxes when they die (for example, moving to Florida). Unfortunately, however, as adopted, it did no such thing.
What New York did adopt was an increased estate tax exemption that, by 2019, is expected to eliminate New York State estate tax for most single people with assets worth, at death, less than approximately $6m (£3.5m) (the exact amount depends upon inflation adjustments), and to do the same for most married couples with assets that do not exceed double that amount, but only if they design, and implement, their estate plans correctly and in advance.
Starting on 1 April 2014, the New York estate tax exemption (in addition to amounts passing to, or to a qualifying trust for, a surviving spouse or a charity) was increased from $1m to $2m. That exemption is to increase by another $1m on each 1 April through 1 April 2017, when it is to reach $5.25m, and is then to increase some more so that starting on 1 January 2019 it matches whatever the federal estate tax exemption then is (which, due to inflation adjustments, we expect will be about $6m)…
Click on the link below to read the rest of the Dentons briefing.
News from Dentons
News from The Lawyer
Briefings from Dentons
In some instances, the company should consider a strategy of shifting some of the costs and fees associated with compliance to the party issuing the subpoena.
Independent governance committees will need to be in place by the April 2015 implementation date.
Analysis from The Lawyer
The continent’s boom in natural resources and renewable energy is sparking an infrastructure drive
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.