Navigating New York’s Looming Estate-Tax Fiscal Cliff

Alonza Robertson
Published Date:
Apr 15, 2014

Recent changes to New York’s estate-tax laws were supposed to help keep more wealthy families and their heirs from leaving the state. But the new changes, revealed this April in Albany, actually impose a 164-percent tax that may trigger an inevitable exodus anyway.

That looming problem was discovered by attorney and CPA Kevin Matz who is also the co-chairman of the NYSSCPA’s May 22 Estate Planning Conference where this issue, and its expected fallout, will likely dominate the agenda.

“Estate planning is more complex than ever,” Matz said. “Estate tax, income tax, portability, step-up in basis, New York State changes, and the pros and cons of keeping wealth in trust; and that’s just the beginning,” he said.

The Society’s Foundation for Accounting Education (FAE) is hosting the May 22 Estate Planning Conference at the New York Marriott Marquis at Times Square, 1535 Broadway in Midtown Manhattan.

Leading practitioners and other experts will debate how these changes affect wealth-management clients, discover the intersection of estate and asset protection planning and the impact of income tax planning and assess how and if the American Taxpayer Relief Act has turned estate planning upside down?

CPAs, CFPs, CLUs, attorneys, and other professionals involved in estate planning are encouraged to attend. The conference agenda is available online as is additional information to register for the event.

Other highlighted sessions from the conference include:

·   Estates of The Rich and Famous: More Money, More Problems … And Some Solutions - Linda Wank, Esq., partner, Frankfurt Kurnit Klein & Selz LLP
Explore high-profile mistakes in celebrity estate planning, and address ways to avoid huge tax bills or ugly court battles due to bad planning, or sometimes no planning at all. From the estate of an icon like Marilyn Monroe, to the will of a contemporary star like James Gandolfini, there are lessons to be learned by all from the unique issues to consider when planning the estate of a celebrity.

·   Conflicts of Law Issues in Estate Planning in Light of the Huber Case - Jonathan Blattmachr, Esq., senior advisor, Pioneer Wealth Partners
A thought-provoking analysis of the potential far-reaching implications of the 2013 Huber court decision, and whether it may cast doubt on the validity of choice of law provisions in a trust instrument where the settlor does not reside in the state whose laws have been selected to govern the trust.

“We’ve gathered together an impressive array of top experts in the field who will share their insight and answer your questions,” Matz said.

Click here for more information about the conference.     

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