This year, estate planning practitioners have significant opportunities for estate tax savings for our high-net-worth clients. Time is critical though, and there are some traps for the unwary in selecting strategies to adopt. Here are three major issues in our high net worth planning engagements this year:
- New York’s estate tax does not regulate lifetime gifting. This is a very good feature of our NY Law. The trap, though, is most gifts made within three years of the date of death are brought back into the taxable estate of the client.
