New York State Estate Tax Law Modifications

May 15, 2015
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As of April 1, 2015 modifications were made to the New York State Estate Tax Law. In brief, the estate tax rate now applies to the estates of all decedents dying after April 1, 2014. The estate tax rate ranges from 3.06%-16% depending on the size of the state. The 3 year gift add-back provision was also clarified and does not apply to individuals dying on or after January 1, 2019. The National Law Review article (http://www.natlawreview.com/article/new-york-state-enacts-several-modifications-to-estate-tax-law) provides further details on the modifications and also addresses the areas NOT modified.

If you have any questions regarding how these changes may affect you, please do not hesitate to call Tully Law, P.C. at (631) 424-2800.


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