In our busy practice, we tend to see certain recurring errors. In particular, we see planning errors that arise during the estate administration process after someone dies. Below are a few of these common errors, and, in the spirit of, “An ounce of prevention is worth a pound of cure,” we also discuss steps that
New York Estate Tax
Gifting Opportunity Available to New Yorkers
By Gary A. Phillips & David J. Choyne on
Posted in Estate Tax, Federal Gift, Estate and GST Tax
On March 31, 2014, broad changes were made to the New York estate and gift tax laws. In addition to increasing the New York basic exclusion amount for taxable estates, a New York estate tax “cliff” was introduced that phases out the New York basic exclusion amount for taxable estates between 100% and 105% of…
Moved to Florida, but Still Can’t Let Go of New York – Will Your Estate Be Subject to New York Estate Tax?
By Gary A. Phillips & Daniel B. Axman on
Posted in Estate Tax
Many New Yorkers who want to move to Florida still desire to retain a home, an apartment, or some other type of property in the place where they grew up. What many of the newly minted Florida residents may not consider are the estate tax consequences of continuing to own property located in New York. …