Friday, December 20, 2013
A big change to the New York state estate tax is expected to be presented in Governor Andrew Cuomo’s executive budget due in mid-January.
Right now, New York exempts only $1 million from the estate tax. The 2014 proposal would match next year’s federal exemption at $5.34 million. This measure would give New Yorkers less of a reason to flee to Florida for retirement.
See Ashlea Ebeling, Big Changes to New York’s Estate Tax on Agenda for 2014, Forbes, Dec. 13, 2013.