Category: Blog

What is New York’s Estate Tax Cliff? (2021)

As part of Tax Cut and Jobs Act of 2017, the U.S. federal estate tax exemption amount increased to approximately $11.7 million per individual or $23.4 million per couple (for 2021). As a result, many families are no longer subject to this federal estate tax due to the high estate tax exemption amounts. However, several individual states impose their own estate or death taxes, and many have much lower estate tax exemption thresholds.

By |2021-02-08T19:54:19+00:00February 6th, 2021|Blog|0 Comments

The Biden Agenda for Estate Plans More Costly for The Rich and Not-So-Rich

With Democrats in control of the Senate and House the likelihood of passing legislation in line with President-elect Biden’s agenda for estate plans has increased. While there are a number of proposed changes, there are two that are most significant. First, the amount of assets an individual can pass estate tax free to heirs may be substantially reduced. Second, capital gains taxes may be imposed on all estates with appreciated assets. This means that even individuals who are “not rich” will suffer some tax consequences at death.

By |2021-01-14T18:11:14+00:00January 14th, 2021|Blog|0 Comments