David R. Schoenhaar, Esq.*
As of January 1,
2011, new legislation went into effect that: (i) significantly changed the
Federal estate, gift and generation-skipping transfer ("GST") tax rates, (ii)
unified exemption amounts and (iii) introduced the concept of "portability"...
The 2010 Tax Act changes the landscape of gift, estate and
generation-skipping transfer tax planning, at least until the new law is due to
sunset at the end of 2012. For New Yorkers, however, the application of state
estate tax law has to be considered along with the federal transfer tax laws.
As a result...