State Estate Tax Developments and Impact of Potential Federal Repeal
New Jersey has repealed its estate tax, increasing the New Jersey exemption to $2 million in 2017 and eliminating the tax entirely for decedents dying in 2018 or later.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New York, Massachusetts and Connecticut estate taxes would remain in effect even if the federal estate tax were to be repealed.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.
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Day Pitney Press Release
Day Pitney Miami Partners Melissa A. Rodriguez and Mark A. Romance authored the article "Tradition vs. Technology: Original Paper Wills Are Still Required," for the Daily Business Review.
Boston Partner Heidi Seely has accepted membership to be included in the 2025 American College of Trust and Estate Counsel (ACTEC) Fellows class, she is one of thirty-two individuals across the country to be offered membership at this level.
Day Pitney Trusts and Estates Partner Tasha Dickinson was featured in the Kiplinger article titled, "How to Navigate Finances as a Blended Family."
Boston partner Hether Cahill will be a faculty member during the upcoming Massachusetts Continuing Legal Education (MCLE) “Taking Depositions Interactive Workshop 2024,” including presenting specifically on the topic “Using Demonstratives,” on October 18.
Day Pitney Trusts and Estates Partner Christine Fletcher authored an article for Forbes.com titled, “Why You Might Not Want to Waive Alimony in Your Prenup.”
Day Pitney Press Release
Day Pitney Press Release
Dina Kapur Sanna, Carl Merino and Sarah Jacobson co-authored a 2024 update to the white paper, entitled "U.S. Tax Planning for Non-U.S. Persons, Assets and Trusts - An Introductory Outline."
Day Pitney Private Client Partner Tasha Dickinson and Florida Offices Managing Partner Manuel Garcia-Linares were featured in the Daily Business Review article, "In Bid to Meet Surging Trusts and Estates Demand, Florida-Based Law Firms Top Outsiders." The article discusses how wealth continues to glow into Florida, prompting law firms to look at trusts and estates as a growth opportunity.