The document discusses the implications of owning property in a decoupled state, such as New York, on estate taxes. It highlights the potential for state estate tax liability even if the deceased does not reside in the state but owns property there. The document uses the example of Lance and Gwen, who face New York estate tax due to their condo in the Hamptons. It also explains the concept of 'portability' in estate planning, allowing the surviving spouse to inherit the unused exclusion of the deceased spouse.
doj/DataSet10/EFTA01448418.pdf
{"title":"Decoupled States and Estate Tax Implications","key_people":["Lance","Gwen"],"document_date":"2013-07-01","document_type":"correspondence","key_locations":["New York","Florida","Hamptons"]}