While the current Federal estate tax law provides for a $5,000,000 exemption which can be carried over to a spouse the New York Estate tax law has only a $1,000,000 exemption and does NOT permit you to carry over this exemption to the surviving spouse.


                             The use of a By-Pass Trust enables you to maximize your estate tax exemption and in the case of New York estate taxes will permit you to pass $2,000,000 tax free of New York Estate Taxes directly to your children and save approximately $100,000 in New York Estate Taxes.


                             Although the present Federal estate tax law does provide for a carry over of this exemption, this law will expire in 2013 and unless it is renewed the carry over of the $5,000,000 exemption may not be permitted after 2013 so the use of a By-Pass trust may also protect your unused federal exemptions as well.



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