New York Estates, Powers & Trusts - Part 1 - § 2-1.12 Credit Shelter Formula Bequests
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New York Laws > New York Estates, Powers & Trusts (EPT) > New York Estates, Powers & Trusts - Part 1 - § 2-1.12 Credit Shelter Formula Bequests
§ 2-1.12 Credit shelter formula bequests
If: (a) the decedent dies after January thirty-first, two thousand;
and
(b) by reason of the death of the decedent property passes or is
acquired from the decedent under a will executed or a trust created
prior to February first, two thousand which contains a formula
providing, in sum or substance, for a bequest of the maximum amount of
property that can be sheltered from federal estate tax by reason of
available credits against such tax; and
(c) such formula was not amended at any time after January
thirty-first, two thousand and before the death of the decedent,
then, unless the instrument containing such formula specifically
provides that there are non-tax reasons for taking the federal credit
for state death taxes into account, such formula shall be deemed not to
include a reference to the federal credit for state death taxes.
Section: 2-1.1 2-1.2 2-1.3 2-1.4 2-1.5 2-1.6 2-1.7 2-1.8 2-1.9 2-1.10 2-1.11 2-1.12 2-1.13 2-1.14 2-1.15
Last modified: February 15, 2012
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