Cuomo Estate Tax Overhaul Could Carry Hidden Risks

Law360, New York (February 6, 2014, 7:06 PM EST) -- An estate tax overhaul gaining steam in New York could exempt wealthy individuals and closely held businesses from tax liability, but legal experts warned Thursday that the state could go after their gift-giving and trust exemptions to make up for the projected $1.8 billion revenue loss.

Gov. Andrew Cuomo wants to raise the estate tax threshold from $1 million to $5.25 million, among other estate tax changes that are part of a suite of proposed tax cuts. New Yorkers whose assets are more easily crossing the...
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