|Firm Donates $25,000 to WCNY
On December 23, 2015, the firm contributed $25,000 to WCNY's Capital Campaign for their new facility. WCNY is a member-supported public broadcasting station in Central New York.
To learn more, click here [WCNY]
Shannon B. O'Neill Admitted to Practice in the State of New York
We are pleased to announce that on Wednesday, January 13, 2016, Shannon B. O'Neill was sworn in as an attorney licensed to practice law in the State of New York.
To read more, click here
|ANNIE'S PROJECT: EMPOWERING WOMEN IN AGRICULTURE
(January - March 2016)
Annie's Project is a program designed to empower farmwomen to become better business partners. Steve Walker will present at the 5-week workshop series, Managing for Today and Tomorrow: Succession, Business, Estate and Retirement Planning for Farm Women. The workshops will be held on January 26, February 8, February 26, March 8 and March 22.
To learn more, click here [Annie's Project]
NY FARMNET FARM TRANSFER CONFERENCE
(February 2 - 3, 2016)
NY FarmNet will present a two-day conference on farm succession planning at the Doubletree Hotel in East Syracuse. Jeff Fetter and Steve Walker will discuss the personal aspects of building your advisory team, business entity selection, and buy-sell agreement planning and funding.
To learn more, click here [Farm Transfer Conference]
FARM AND FAMILY BUSINESS SUCCESSION PLANNING
(February 11, 2016)
NY FarmNet, the New York State Bar Association General Practice Section, and Cornell University will present the "Farm and Family Business Succesion Planning Seminar." Jeff Fetter, Tony Grizanti, Shane McCrohan, and Steve Walker will present at the seminar designed to give attendees an in-depth understanding of tax, estate and business planning issues affecting farms and family businesses.
|2016 ANNUAL GIFT EXEMPTIONS
|By: Jeffrey M. Fetter
Didn't win Powerball but still feeling generous? The federal annual gift exclusion remains at $14,000 per donee for 2016. Anyone can gift this amount to each recipient of a gift in 2016 and not be required to file a gift tax return or to use part of their lifetime gifting exemption (increased with the federal estate exemption to $5,450,000 for 2016). A couple can, therefore, make a $28,000 gift to a child or other donee. Remember that gifts include gifts of cash or property and what is sometimes overlooked are gifts to Section 529 education accounts. These count as well. Therefore, it is important to keep track of gifts that are made throughout the year. Also remember, if you do file a federal gift tax return for a year, you must report the annual exclusion gifts on the return as well.
If you have any questions, please contact us.
|LANDLORDS BEWARE: DO NOT COMINGLE SECURITY DEPOSITS
| By: Chaim J. Jaffe
The New York State Appellate Division, First Department, relied on Section 7-103 of the General Obligations Law in awarding Plaintiff-tenant an award of damages in the amount of $115,944.19. This amount represented the balance of the security deposit Defendant-landlord owed Plaintiff-tenant after application of the balance thereof to the unpaid rents which Plaintiff-tenant conceded were due and owing.
To learn more, click here [Landlord's Beware: Do Not Comingle Security Deposits]
|MEDICAID CHANGES FOR 2016
| By: Shane M. McCrohan
The 2016 New York Medicaid resource and income limits for both single individuals and married couples will remain consistent with the 2015 limits. However, there will be an increase in regional rates for computing the transfer penalty period.
To learn more, click here [New York State 2016 Medicaid Changes]
|PLANNING FOR YOUR FINAL ARRANGEMENTS
| By: Shane M. McCrohan
When reviewing and updating your estate plan, it is important to make sure your wishes regarding the burial or cremation of your remains ("final arrangements") are included in your planning documents to provide clear direction to your loved ones. Your loved ones could have vastly different opinions on your final arrangements which, if not resolved by them privately, can delay your final arrangements from being carried out and impose a considerable expense on your estate.
To learn more, click here [Planning for Your Final Arrangements]
|STAR EXEMPTION EXPANDED FOR NEW YORK STATE FARMERS
| By: Richard D. Boyle
For many years, farm dwellings owned by limited liability companies were not entitled to the STAR exemption although corporations and partnerships were entitled to the exemption. On December 21, 2015, Governor Cuomo signed into law a bill that extends the STAR Exemption to farm dwellings owned by LLC's.
To learn more, click here [Star Exemption Expanded for Farmers]