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Changes to the NYS Estate Tax

A big change to the New York state estate tax is expected to be presented in Governor Andrew Cuomo’s executive budget due in mid-January.Right now, New York exempts only $1 million from the estate tax.  The 2014 proposal would match next year’s federal exemption at $5.34 million.  This measure would give New Yorkers less of a reason to flee to Florida for retirement.