EFTA Document EFTA01448418

Decoupled states - uh-oh. Now toss in a decoupled slate: if Husband dies a New Yorker, for example, and his will uses a formula that creates a credit shelter trust equal to his maximum federal exclusion - currently 55.25 million - he could trigger at least $420,800 of New York estate tax, since New York's exclusion is only $1 million. A similar problem can exist if Husband and Wife live in a state with no estate tax, but own property in a decoupled state, such as New York. Consider the follow