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
New York Estate Tax
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. …