Change In Federal Estate Tax May Increase State Death Taxes
As a result of recent changes in Federal law not adopted by New York and many other states, some changes may be necessary in your will or other estate planning documents if your estate plan was designed to defer all estate tax at your death by providing for all of your assets other than an applicable exclusion amount to pass to (or in trust for) your spouse. This memorandum discusses the recent changes in Federal law and some of their implications.