Year End Tax and Estate Tax Planning

December 20, 2018

 

It’s that time of year again – below are some recommendations for your annual estate planning tune-up.

Click Here to read the entire Legal Alert with all our recommendations.

  • 2019 exemptions increase to $11,400,000 for Federal gift and estate taxes, $5,740,000 for New York estate tax, and $3,600,000 for Connecticut gift and estate tax (New Jersey has no gift or estate tax but does have an inheritance tax for transfers to beneficiaries other than a spouse or descendant).
  • The Federal and estate exemption is “portable”: any unused Federal exemption is added to your surviving spouse’s exemption.  The New York and Connecticut state estate tax and the Federal generation-skipping tax exemptions are not portable: use them or lose them.  The most common way to avoid losing these exemptions is to have a trust in your estate plan that takes advantage of them.

Should you have any questions regarding these recommendations, please contact a member of our Personal Services and Estate Planning Practice Group or the Garfunkel Wild attorney with whom you regularly work.