Bulletin: NY000541

Date:
June 17, 2014
To:
All New York State Agents, Office Counsel, and Managers
RE:
New Estate Tax Levels

On March 31, 2014, Governor Andrew Cuomo signed legislation that changed the New York estate tax law.  As of April 1, 2014 the estate tax exemption amount increased from $1,000,000 to $2,062,500 for persons dying on or after April 1, 2014.

The revised New York estate tax exemption schedule is as follows:

  • For individuals dying on or after April 1, 2014 and before April 1, 2015, the exemption amount will be $2,062,500.
  • For individuals dying on or after April 1, 2015 and before April 1, 2016, the exemption amount will be $3,125,000.
  • For individuals dying on or after April 1, 2016 and before April 1, 2017, the exemption amount will be $4,187,500.
  • For individuals dying on or after April 1, 2017 and before January 1, 2019, the exemption amount will be $5,250,000.

For decedents who die on or after January 1, 2019, the basic exemption amount will be subject to a cost of living adjustment.  It is expected that by 2019 the New York estate tax exemption will be equal to the Federal estate tax exemption.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
NY000522 Summary of Federal Estate Tax Exclusions and Maximum Rates
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None