Change in New York Estate Tax Law

Effective April 1, 2014, the State of New York made numerous changes to its tax law. Most dramatically, New York is increasing its estate tax exemption amount from $1,000,000 to match the federal estate tax exemption amount.

New York's New Estate Tax Exemption Amount
Until March 31, 2015, the new estate tax amount will be $2,062,500.
From April 1, 2015-March 31, 2016, the exemption amount will be $3,125,000.
From April 1, 2016-March 31, 2017, the exemption amount will be $4,187,500.
From April 1, 2017-December 31, 2018, the exemption amount will be $5,250,000.
From January 1, 2019 on, the exemption amount will be indexed to the federal estate tax exemption amount.

However, New York has created a devastating Estate Tax "Cliff" by phasing out the benefit of the New York Exclusion Amount for estates that exceed 100% - 105% of the exclusion amount....more detail

Summary of Tax Law Changes 2013 (Fiscal Cliff Deal)

As you know by know, the Congress and the President have final agreed to a fiscal cliff deal. While I haven't had a chance to read all 157 pages of the American Taxpayer Relief Act of 2012 yet, here is what I can gather from most major news sources:

1) The federal estate tax, gift tax and the federal generations skipping transfer (GST) tax will continue to have $5,000,000 exemptions, indexed for inflation. The estate tax, gift tax and GST tax exemption amounts.... more detail

Million Dollar Jury Verdict for New York Injured Construction Worker

Attorney Michael Joseph won a major victory recently in a hotly contested trial in New York Supreme Court in Manhattan. The client was injured when he climbed a scaffold and stepped on a plank and the plank cracked causing the client to fall. Mr. Joseph established that the building owner breached his duties under Labor Law 240 by permitting 2x4 planks to be used instead of....more detail

Major Change in Federal Estate Tax

As you may be aware, President Obama recently signed the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010”. In addition to keeping most of the income tax rates at their 2010 levels, this Act includes a major change to…More detail

Court of Appeals Upholds One of The Highest Malicious Prosecution Verdicts in New York

New York civil rights lawyer Michael Joseph won an important appeal before the Court of Appeals for the Second Circuit....more detail

A Comparison of the Pennsylvania and New Jersey Inheritance Tax Laws

Some states, including New Jersey and Pennsylvania, have an inheritance tax. Other states, like Florida and New York, do not have an inheritance tax. An inheritance tax is a tax on the person who receives money from a decedent....more detail

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