N.Y. Estates, Powers & Trusts Law § 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.