The New York State Senate and Assembly have recently released proposals to change the New York State estate tax. The proposals are part of the so-called “Budget bills” promulgated by each group. It is important to emphasize that Governor Cuomo has not proposed an increase to New York State estate tax in his proposed Budget bill. Thus, the Senate and Assembly proposals should be regarded as proposals, and not as faits accomplis.
The COVID-19 pandemic (commonly referred to as the “Coronavirus”) has disrupted economic life. In an example of a response to the reality of social-distancing and closures, Governor Cuomo, by Executive Order No. 202.7 (“the Order”), will allow notarial acts required under New York State law to be performed using audio-video technology (while not mentioned in the Order, presumably, Skype, Zoom or other similar technology).
After the Tax Cuts and Jobs Act of 2017 (the “2017 Act”), wealthy taxpayers have the opportunity to “lock in” the temporary increase in the federal estate and gift tax exemption by making large lifetime gifts. Governor Cuomo’s Fiscal Year 2020 Executive Budget proposes extending a law that could subject such gifts to New York estate tax.
The early ‘70s saw a spate of so-called “disaster movies,” which involved burning skyscrapers, dysfunctional airports and, perhaps the most memorable of all, a cruise ship hit by a mammoth rogue wave that turned the ship over, forcing the passengers to make their way up to the hull.