Estate & Gift Tax Update

Do not rely on the following without the approval of a CPA:

From 4/1/14 to 1/1/19 gifts made within 3 years of death are added to your estate for NYS estate tax purposes.

The amount of the gift may push you over the cliff for NYS estate tax purposes.

If you die between 4/1/14 to 3/31/15 the exemption is $2,062,500.   But, if you exceed that amount, your entire estate is taxed, not just the amount above the exemption.