Don’t Over-React But Do React

The new estate tax bill is still lodged a in State Senate Committee. It still needs to pass through both the State Senate and Assembly. 

In addition, in order for the new law to become effective, it must be approved by voters in a statewide election (Nov. 2020).  Furthermore, the new law won’t be effective until a later date specified, January 1, 2021.  So you probably don’t need to change anything in your estate plan immediately (although you should come in for a checkup if we haven’t reviewed your plan within the past 3 years).

What you can do right away is contact your State Senator and Assemblyman and let them know you are opposed to Senate Bill 378!

Stay Tuned

Of course, we will do own best to keep you apprised of any important future developments regarding state (or federal) estate taxes. Check this space!

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.