Alert: NY Passes Formula Savings Legislation

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New York recently passed legislation to save formula provisions in wills, trusts and beneficiary designations executed prior to January 1, 2010, for decedents dying on or after January 1, 2010 and during the repeal of the federal estate tax and generation skipping transfer tax.  By statute, such formula provisions will be construed in accordance with federal law in effect on December 31, 2009. 

For more information, click here
For the relevant statute, click here.
For the relevant bill, click here