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Author: Scarinci Hollenbeck, LLC
Date: April 2, 2014
The Firm
201-896-4100 info@sh-law.comA recent change – included within an ambitious budget that includes tax cuts and investments in education and health care – would reduce estate tax liability over the next few years while simultaneously closing an extremely popular loophole.
The Wall Street Journal explained that the first change would be to raise the exemption from $1 million to $5.25 million over the next four years, which would fall into line with the federal exclusion by 2019. Over the same time period, Cuomo’s proposal would lower the top N.Y. state estate tax rate from 16 percent to 10 percent. That’s the carrot.
The stick, according to Investment News, is that these steps would be paired with proposals to require that the value of lifetime gifts be added back into the estate once the donor is deceased. While individuals with estates worth less than the new exemption will now be free from any estate tax burden under the new tax law, this proposal may cause many high net worth individuals to rethink their estate plans.
“The advice is to keep an eye out for people who might be thinking of gifting,” Kate Cassidy, an advanced markets specialist with Barnum Financial Group’s wealth strategies division told the news source. “I would put thought into it: Building a trust that can receive the gift. This is a large gift you’d make all at once, an asset that you can give away without feeling the pinch.”
Proponents of the bill feel that it will allow the state to continue raising revenue from the estate tax law while allowing individuals who have amassed more than $1 million over a lifetime of hard work to keep their money.
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