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To Live and Die in New YorkTo Live and Die in New York

A review of the recent New York tax law changes affecting estate planning and trusts

Kevin Matz, Partner

April 11, 2014

9 Min Read
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On April 1, 2014, Governor Andrew Cuomo signed into law as part of the New York State Executive Budget what might appear at first blush to constitute sweeping changes affecting estate planning and trusts.  The new law, however, falls far short of achieving the laudable objective that Governor Cuomo had specified in his State of the State address of keeping wealthy New Yorkers in the Empire State during their golden years.  Although the new law does indeed accomplish the important goal of increasing the New York estate tax exemption—it now stands at $2,062,500 for persons dying between April 1, 2014 and March 31, 2015 and is scheduled to increase over time to match the federal applicable exclusion amount (currently $5,340,000) by 20191—th...

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About the Author

Kevin Matz

Partner, ArentFox Schiff LLP

Mr. Matz is a partner at the law firm of ArentFox Schiff LLP in New York City. His practice is devoted principally to domestic and international estate and tax planning and he is a Fellow of the American College of Trust and Estate Counsel (“ACTEC”) for which he chairs ACTEC’s Business Planning Committee. Mr. Matz is also a co-chair of the Taxation Committee of the Trusts and Estates Law Section of the New York State Bar Association.  In addition, Mr. Matz is a certified public accountant (in which connection he currently chairs the Trust and Estate Administration Committee of the New York State Society of Certified Public Accountants), and writes and lectures frequently on estate and tax planning topics. He can be reached by email at [email protected] or by phone at 212-745-9576.