Written by attorney Kera Murphy Reed

New York State Tax Update

The New York State Estate Tax exclusion amount will be increasing again as of April 1, 2017 to $5,250,000. This is an increase from the $4,187,500 exclusion amount which has been in effect since April 1, 2016. This exclusion amount will remain in effect until December 31, 2018. On January 1, 2019, the basic exclusion amount will be indexed for inflation annually and will be equal to the federal exclusion amount. The federal exclusion amount will be issued by the IRS towards the end of 2018. The New York State and federal exclusion amount is estimated to be $5,900,000 in 2019. As of January 1, 2017, the federal estate tax exclusion is $5,490,000.

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