New York residents who have designed an estate plan to protect them from federal estate tax may wonder what changes will need to be made if it is repealed. For people who have large estates, reducing the value of the estate so the estate tax is lower or nonexistent is a major aspect of the plan.
For example, people might have used the generation-skipping tax exemption to create a multi-generation trust that could pass assets to children and grandchildren. The other assets may have been placed in a marital trust.
