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March 2014 Archives

Gift Tax Increases Starting April 1

Governor Cuomo has proposed a slew of changes to New York's estate and gift tax law that may affect you.

Under the new law, all taxable gifts made by a New York resident after March 31, 2014 must be included as part of the gross estate for purposes of calculating the New York estate tax, according to WealthManagement.com.

How does this differ from the current law?

3 Need-to-Knows About the NY Estate Tax

Are you familiar with New York's estate and death tax system? New York is one of 14 states with an estate tax -- a tax on the cash, real estate, stocks, bonds and other property left by residents who have died. But the law might soon change.

The taxation of wealth transfer is a complicated area of law, but a basic introduction to estate taxes and death taxes can help you start thinking about this pressing financial planning issue.

Here are three things to know about estate taxes and death taxes in New York: