On April 1, 2014, Governor Cuomo signed into law the Executive Budget for 2014-2015. As explained in our memorandum entitled “New York Tax Reform Relating to Estates and Trusts,” the new legislation contains a number of significant modifications to the New York estate tax rules, including a significant increase to the New York estate tax exemption, and imposes New York income taxes on certain trust distributions of accumulated income made to New York residents.
Please contact one of the attorneys in our Private Clients and Charitable Organizations Practice Group if you would like to discuss the new legislation and its potential impact on your estate plan.