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In terms of exemption and there were a few other changes, which maybe we’ll get to, but in terms of exemption, New York has now increased the exemption. It’s phasing it in between now April of this year until I guess 2017. It’ll gradually increase until it reaches the federal level. It’s in the $2,000,000.00 range for people who die this year.
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New York tax and estate planning attorney Carlyn McCaffrey of McDermott Will & Emery explains how recent changes in New York tax exemption laws may impact wealthy New Yorkers.