Insights
Day Pitney remains committed to providing quality legal counsel, while protecting our clients and employees, and transforming our communities into more just, equal and equitable spaces. For more information, please visit our COVID-19 Resource Center | Racial Justice and Equity Task Force.
For 2016, the annual exclusion amount for gifts remains at $14,000. The estate, gift and GST tax exemption amount for estates of decedents dying in 2016 and gifts made in 2016 is increased to $5.45 million. The annual exclusion amount for gifts made to a noncitizen spouse in 2016 is increased to $148,000.
The New York estate tax exemption, which applies to New York residents and those who own real property located in New York, is also subject to annual adjustment for the next several years. The New York estate tax exemption will increase to $4,187,500 for decedents dying on or after April 1, 2016, through March 31, 2017.