March 27, 2014 | By Robert Maloney |
For 2014,the State of New York is considering changes to its estate tax provisions. In general, they are proposing to raise their exemption from tax over the next four years to match the Federal exemption which for 2014 is $5,340,000 per individual. New York’s proposal is to phase this in over the next fours year. Keep your eye on whether this proposal makes it into law as it is a major increase from the current exemption of $1,000,000 per individual.