NEW YORK EXECUTIVE BUDGET BILL WOULD IMPOSE TAX ON QTIP ASSETS FROM A 2010 ESTATE AND MAKE OTHER CHANGES
This is a follow up to my November 5, 2018 blog, in which a described a Surrogate Court’s decision that QTIP assets from a 2010 estate are not subject to New York estate tax upon the death of the surviving spouse. The Budget bill would amend New York tax law so that QTIP assets from a 2010 estate are subject to New York estate tax upon the death of the surviving spouse for deaths after April 1, 2019.
Also, the bill would extend the New York three-year gift add back until January 1, 2026. This would apply to the estates of individuals dying on or after January 1, 2019.
Mr. Hendel has been practicing wealth preservation planning for over thirty years.