New York A01387 amends the estates, powers and trusts law to presume credit shelter bequests set aside the maximum amount shielded from federal and.

New York A01387 amends the estates, powers and trusts law by adding a new section 2-1.12-a. This section presumes that credit shelter bequests set aside the maximum amount that can be shielded from both federal and state estate taxes. This presumption applies if the decedent was a New York resident and died after March 31, 2025. The presumption can be overridden if a governing instrument specifically references this section or if a proceeding seeks to construe the decedent's intent regarding the formula bequest. The act takes effect immediately.

New York A01387 amends the estates, powers and trusts law to presume credit shelter bequests set aside the maximum amount shielded from federal and.

New York A01387 amends the estates, powers and trusts law by adding a new section 2-1.12-a. This section presumes that credit shelter bequests set aside the maximum amount that can be shielded from both federal and state estate taxes. This presumption applies if the decedent was a New York resident and died after March 31, 2025. The presumption can be overridden if a governing instrument specifically references this section or if a proceeding seeks to construe the decedent's intent regarding the formula bequest. The act takes effect immediately.