New Jersey has repealed its estate tax, increasing the New Jersey exemption to $2 million in 2017 and eliminating the tax entirely for decedents dying in 2018 or later. New Jersey's separate inheritance tax would still affect some estates. See our special October 2016 Estate Planning Update for further details..
New York has been increasing its estate tax exemption in steps. The New York estate tax exemption will increase to $5.25 million effective for decedents dying on or after April 1, 2017. The New York exemption will match the federal exemption, beginning on January 1, 2019. The Massachusetts estate tax exemption remains $1 million, and the Connecticut exemption remains $2 million. Absent action by the state legislatures, the New York, Massachusetts and Connecticut estate taxes would remain in effect even if the federal estate tax were to be repealed.
A little good news: Massachusetts tax authorities do appear to be conceding that the Massachusetts estate tax does not apply to real estate located outside the commonwealth. See our Trusts & Estates article, "Massachusetts Court Ruling Reveals Estate Tax Constitutional Issue," for more details.
On April 4, Trusts and Estates Partner Dina Kapur Sanna co-chaired an American Law Institute Continuing Legal Education webinar on Using Trusts and Alternative Vehicles for Inbound Investments.
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Day Pitney's Executive Committee, Executive Board and department leadership changes were featured on CityBiz.
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Day Pitney Litigation Partner Mark Romance and Trusts and Estates Partner Melissa Rodriguez authored the article "Insights Into Florida Trust and Estate Litigation Trends," for Daily Business Review.
Day Pitney's Executive Committee, Executive Board and department leadership changes were featured in Law360 Pulse.
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Day Pitney New Haven Partner Rebecca Iannantuoni will receive The Honorable Anthony V. DeMayo Pro Bono Award.
Day Pitney’s Executive Committee, department leadership changes were featured in Hartford Business Journal.
Day Pitney Trusts and Estates Partner Rebecca Iannantuoni was featured in Law360's coverage of the Connecticut Bar Association's 2024 Celebrate with the Stars ceremony.
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