Description
1.5 MCLE Credits in Professional Practice
Effective April 1, 2014, New York’s 2014-2015 budget legislation (the "Executive Budget") made significant changes to New York's estate tax and the income taxation of certain trusts. These changes will have a major effect on estate planning for both New York residents and non- residents. These changes provide some tax relief for the moderately wealthy. As for wealthier New Yorkers, however, they will see little, if any, change, except under certain circumstances that will cause an increase in estate and income tax.