Alerts Archive

Effective November 25, 2019, Section 1301 of the New York Surrogate’s Court Procedure Act was amended to increase the threshold amount for a “small estate” from $30,000 to $50,000. The increased threshold amount is effective for proceedings commenced after November 25, 2019.

On November 22, 2019, the Treasury Department and the IRS issued final regulations regarding the enhanced gift tax exclusion amount that came into effect under the Tax Cuts and Jobs Act (TCJA). Specifically, T.D. 9884 finalized proposed regulations that address how estates will be taxed in the event that an individual makes large gifts which are within the current enhanced gift tax exclusion, but then passes away at a time when the estate tax exclusion has decreased below current levels.